2014 european hotel transactions - hospitality net · 2015. 2. 24. · midscale hotels, the highest...

2014 EUROPEAN

HOTEL TRANSACTIONS

MARCH 2015 | PRICE £500

Jill Barthel – HVS LondonConsul ng & Valua on Analyst

Adrian Ruch – HVS Hodges Ward Ellio Analyst

HVS London and HVS Hodges Ward Elliott7-10 Chandos St, London W1G 9DQ, UK

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EUROPEAN HOTEL TRANSACTIONS 2014 | PAGE 2

Highlights European hotel transaction volume

totalled €14.4 billion in 2014, an increase of 86% on 2013. This igure represents a new record since the onset of the global inancial crisis and marks a continuation

of the market recovery seen in 2013. Not only was 2014 the highest year since the €20.3 billion recorded in 2006, it was also the fourth highest year on record;¹

Transactions were evenly spread over the year, with slightly higher volumes in the second quarter, owing to the sales of the Paris Marriott Hotel Champs-Elysées (€345 million, €1.8 million per room) and Le Méridien Etoile (€280 million, €237,000 per room), and in the fourth quarter, the sale of Louvre Hotels Group (€1.2 billion);

2014 witnessed the highest level of single asset hotel transaction volume on record, while portfolio sales achieved the ifth highest volume on record, behind 2001, 2005, 2006 and 2007;

Total portfolio transaction volume (€6.9 billion) doubled compared to 2013. Portfolio igures were signi icantly impacted by Jin Jiang’s acquisition of the 90,000-room Louvre Hotels Group in November;

The UK remained the most liquid market in Europe, followed by Germany and France. These three countries together accounted for 59% of total transactions in 2014;

With regard to single asset transactions, both Ireland and Spain experienced a strong year, marking a recovery in their struggling economies;

While Middle Eastern investment decreased after an extremely strong 2013, investment by North American and Asian entities increased substantially in 2014. In addition to the Jin Jiang deal, other Asian investments include Kai Yuan’s acquisition of the Paris Marriott Hotel Champs-Elysées for €345 million. North America-based Mount Kellett purchased Le Méridien Etoile in Paris for €280 million from Starman (€237,000 per room) and KSL bought the 25-property Urban Village Resorts portfolio from De Vere Group for €613 million (€198,000 per room).

Source: HVS – London Office

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

€Bi

llion

s

Portfolio TransactionsSingle Asset TransactionsTen-Year Average

CHART 1: TOTAL HOTEL INVESTMENT VOLUME 2005-14

PARIS MARRIOTT HOTEL CHAMPS-ELYSÉES

¹Only transactions that sold for more than €7.5 million areconsidered in this analysis.



J F M A M J J A S O N D

Q1 2014 Q2 2014 Q3 2014 Q4 2014

0123456789

10111213141516

€Bi

llion

s

CumulativeSingle AssetPortfolio

21% of Total

29% of Total

23% of Total

27% of Total

LONDON EDITION

CHART 2: INVESTMENT VOLUME BY QUARTER

Steady Times2014 saw a continuation of the recovery in the European hotel investment landscape. Total transaction volume increased 86% on 2013 and 159% on 2012, overtaking the ten-year average of €10.5 billion and steadily approaching the pre-crisis levels of €20.3 billion and €18.8 billion recorded in 2006 and 2007, respectively. As an asset class, hotel real estate was the top growth sector in Europe last year, growing faster than office, industrial or retail space. This interest is driven by hotels’ comparably attractive income returns and the significant potential they offer for performance enhancement through clustering or reorganisation of the management and/or (re-)branding.

While Asian investment nearly quadrupled in 2014, Middle Eastern investment fell by 21% after huge growth in 2013, although investment from the region was still substantial in 2014, comprising 13% of the total. Constellation Hotels Holding acquired the InterContinental Paris – Le Grand for €330 million (€702,000 per room) as part of a larger portfolio, the Abu Dhabi Investment Authority (ADIA) paid an undisclosed sum for the London EDITION

and a Middle Eastern investment group purchased London’s NH Harrington Hall for €112 million (€560,000 per room).

Quarterly Investment ActivityIn 2013, the irst quarter alone accounted for 55% of total transaction volume but 2014 shows a return to historical trends, with investments more evenly spread over the year. The second and fourth quarters were somewhat stronger than the irst and third quarters. Quarter two was mainly driven by single asset transactions, including two of the three highest single asset sales: the Paris Marriott Hotel Champs-Elysées (€345 million) and Le Méridien Etoile Paris (€280 million). Quarter four was the strongest, owing to the sale of Louvre Hotels Group in November for €1.2 billion, which

accounted for around 8% of total volume; thus, November was the strongest month, accounting for approximately 15% of total transactions.


Single AssetsSingle asset volume in 2014 was 72% higher than in 2013 and represented the highest level of single asset hotel transactions ever recorded in Europe.

The average sales price per room decreased by 3%, which is mainly a re lection of the sharp decline in prices per room in the French market – this is due to the fact that last year French transactions mainly included sales in Paris, while this year sales have also been recorded in secondary and tertiary cities, pushing down the average price per room. It is worth noting, however, that the highest prices per room were achieved in France, the UK and Italy, with individual prices per room as high as €1.8 million in Paris (Paris Marriott Hotel Champs-Elysées, sold for €345 million), followed by €1.2 million per room in London (Parkcity Hotel, sold for €77 million) and €970,000 per room in Florence (Villa Vignamaggio, sold for €30 million).

Spotlight on the UK

The UK held on to its position as Europe’s most liquid hotel market for single assets in 2014. With a total transaction volume of €2.5 billion (£2.17 billion), it carved a clear gap ahead of France (€1.4 billion) and Germany (€827 million). This represents an increase for the UK of roughly 40% on 2013². The country’s comparatively positive economic climate fuelled strong hotel operating results and drove investment values in London and the regions.

Total investment in single assets in London accounted for €1.5 billion or 60% of all UK single asset transactions. Notable sales include the London EDITION for an undisclosed sum to ADIA early in 2014, Strategic Hotel Capital’s sale of the Marriott Hotel Grosvenor Square for €151 million to Joint Treasure International and the sale of the NH Harrington Hall for €112 million to a Middle Eastern investment group.

The UK’s regions not only recorded a year of exceptional hotel performance, but were also the subject of strong investor appetite. Single asset transactions outside of the London metropolitan area accounted for 40% (or €1 billion) of total UK single asset transactions. Notable transactions took place in secondary cities such as Manchester, where Rocco Forte sold the Lowry Hotel to Westmont Hospitality for €56.5 million (€342,000 per room). In Edinburgh, Deka Immobilien acquired the Radisson Blu Edinburgh out of administration for €59 million (€248,000 per room) and Starwood Capital bought the Crowne Plaza Edinburgh – The Roxburgh for €50.3 million (€253,000 per room) from a UK-based investor. The Grand Brighton hotel was sold by De Vere Group for €60.4 million (€301,000 per room) to Wittington Investments.

Spotlight on Ireland

Ireland saw a substantial increase in transactions in 2014, mainly as a consequence of previously low levels of sales due to the economic struggles encountered by the country since the inancial crisis.

Eight transactions occurred in Dublin, accounting for an investment volume of €308 million, almost two-thirds of the national total. Most transactions ranged between

MARRIOTT GROSVENOR SQUARE

NH HARRINGTON HALL

²We note that during 2014 the pound sterling appreciated signifi cantly against the euro.


€10 million and €30 million; however, the largest were The Shelbourne Dublin (€112 million, €421,000 per room) and the Westin Dublin (€65 million, €399,000 per room), acquired by US real estate investment irm Kennedy Wilson and

US businessman John Malone, respectively. These two investors acquired a combined volume of €258 million in Irish assets.

For the past seven years, Ireland’s economy has been troubled with high public debt; it was severely affected by the global inancial and real estate crisis. In this economic environment, overall hotel pro itability decreased and hoteliers were burdened with large amounts of debt. However, since 2013, the Irish economy has been in recovery, with continued growth in 2014. Decreasing unemployment, growing GDP and overall renewed investor con idence due to rising liquidity, falling bond yields and rising return expectations substantially enhanced the attractiveness of the Irish hotel investment market. The growing economic strength of Ireland’s main trade partners, the USA and the UK, further stimulated the transaction market, with the key buyers from the USA investing in assets across the country.

The National Asset Management Agency (NAMA) was the key seller last year in the Irish market, with a total sales volume of €136 million.

Growing investment con idence was also recorded in the domestic market. In 2013,

total domestic investment accounted for 6% of total transaction volume, but this igure increased to 33% in 2014.

Domestic buyers included Brehon Capital Partners, a Dublin-based real estate private equity irm, investing a total of €57 million; JP McManus, an Irish high-net-worth individual (€30 million); the Dalata Hotel Group, Ireland’s largest hotel operator (€24.3 million); and the Dublin Airport Authority (€15 million).

Spotlight on Germany

Germany registered the second highest number of transactions in Europe after the UK with 26 sales, 14% of all single assets sales in Europe during 2014. The market recorded a total transaction volume of around €3 billion, out of which around €827 million was derived from single asset transactions. While Munich led the way in terms of number of transactions (four), its total volume of €88 million was well below that of Hamburg (€126 million), Berlin (€115 million) and Frankfurt (€100 million). The highest average prices per room were recorded in Hamburg and Berlin, well above

the countrywide average of €145,000. Whereas transactions in Munich included mainly budget and midscale hotels, the highest value transactions were registered in Frankfurt, with the sale of the Hilton (€100 million, €292,000 per

Ireland 33%

USA 57%

Others 10%

2014

Source: HVS London

Ireland 6%

USA 25%

Others 69%

2013

CHART 3: BUYERS OF HOTELS IN IRELAND – DOMESTIC VERSUS USA AND OTHER INTERNATIONAL MARKETS 2014 AND 2013

CHART 4: TRANSACTION VOLUME AND PRICES PER ROOM – GERMANY

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

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Aver

age

Pric

e pe

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)

Tota

l Vol

ume

(€)

Total Volume

Average Price Per Room

Average Germany

00 Hamburg Dresden Munich Berlin Frankfurt

Source: HVS London


room), and Berlin, with the Grand Hotel Esplanade (€89 million, €226,000 per room). However, we note that two trophy properties in Hamburg and Dresden, the Hotel Atlantic and the Hotel Taschenbergpalais, both operated by Kempinski, also transacted in 2014 for undisclosed amounts.

Spotlight on France

Including single asset and portfolio sales, France recorded a total transaction volume of €1.8 billion in 2014. Single asset sales accounted for 87% of this amount, with the vast majority of transactions concentrated in Paris, such as the sale of the Intercontinental Paris – Le Grand for €330 million (€702,000 per room) to Constellation Hotels Holdings and the Pullman Paris La Défense was acquired by the Qatar Armed Forces for an undisclosed sum from Invesco Real Estate.

Spotlight on Spain

Total single asset transactions in Spain accounted for 8% of total volume in 2014, with the main investment focus remaining in Barcelona and Madrid. However, while the number of transactions in Spain surpassed France, Spain’s total single asset transaction volume is still well below that of France (€578 million versus €1.4 billion), underlining the high price per room achieved by properties in France, mainly Paris, in comparison to those in Spain (€380,000 versus €327,000).

Major deals include the acquisition of the landmark Deutsche Bank Tower in Barcelona by Spanish investment management irm KKH Capital for more than €90 million from Deutsche Bank, for redevelopment into a

high-rise luxury hotel, and The Renaissance Barcelona was acquired by the Qatar Armed Forces for €78 million from Marriott International.

Spain was one of the European countries that had been hit the hardest by the inancial crisis in 2007. With unemployment rates peaking at around 28% and a youth unemployment rate of around 50%, many investors backed out of the Spanish real estate market and sought investments mainly outside the Eurozone.

However, with Spain’s economy seemingly on the way to recovery, hotel real estate has once more become attractive to investors, owing to its comparably high pro itability. Increases in building prices in combination with falling rents lowered investment yields. In addition to the higher pro itability achieved from investments in the hotel sector, a growing tourism industry further increases the attractiveness of hotel real estate in Spain.

One hotel operator that has bene ited from this upturn in the Spanish hotel market is NH Hoteles, which was struggling with €1 billion of debt until a major investment by HNA Group of China in 2013. Although NH is upgrading existing properties to help enhance RevPAR performance and competitiveness within the market, the group has also started to dispose of some of its assets. The irst to be sold in Spain was the Sotogrande portfolio (€225 million) in 2014, which included the NH Almenara and the NH Sotogrande, as well as stakes in the surrounding golf course and development land.

Portfolio Transactions2014 was also a strong year for portfolio investment with total volume double that of 2013 at €6.9 billion, representing 48% of total European hotel investment. This total sets a clear record since the onset of the inancial crisis and 2014 is the ifth highest year on record after 2001, 2005, 2006 and 2007. Portfolio transaction volume has grown at a compound annual rate of 15% since 2008. In 2014, 33 portfolio deals (representing more than 152,000 rooms) were recorded.

The largest portfolio deal in 2014 was the sale of Louvre Hotels Group (1,100 hotels, 90,000 rooms), which was acquired by Shanghai-

0

10

20

30

40

50

60

70

80

—

2

4

6

8

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12

14

16

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber of Transactions

€Bi

llion

s

Portfolio Transaction Volume

Number of Transactions


2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

CHART 5: PORTFOLIO INVESTMENT VOLUME 2005-14


based Jin Jiang from Starwood Capital for €1.2 billion. Jin Jiang is one of China’s largest hotel companies, operating more than 1,700 hotels in 11 countries. Starwood Capital had already disposed of smaller pieces of the Louvre portfolio: another 40 hotels were sold in 2014 for an undisclosed sum and four hotels were sold for €700 million to Constellation Hotels in 2013.

In three separate portfolio transactions, Accor’s HotelInvest bought a total of 110 hotels already managed by Accor: 86 hotels were acquired in Germany and the Netherlands for €722 million (€64,000 per room) from Moor Park, 11 properties in Switzerland were bought from Axa Real Estate for €178 million (€115,000 per room) and a portfolio of 13 ibis hotels in the UK was acquired from Tritax for €89 million (€74,500 per room). The Urban Village Resort portfolio in the UK, comprising 25 hotels, was bought by KSL Capital Partners for €613 million (€198,000 per room) from the De Vere Group.

Portfolio Investment by Region

The UK topped the rankings in terms of regional portfolio transactions (that is, the number of portfolio transactions taking place in a single country). Total portfolio volume of €2.5 billion was recorded in the UK, accounting for 37% of total European portfolio volume for the year; although, UK portfolio sales accounted for only 17% of all rooms sold in portfolio deals. While France achieved a larger share in 2013, owing to earlier France-based transactions of Groupe du Louvre hotels, it only accounted for 5% of the 2014 European portfolio volume. Germany further strengthened its position as the second biggest portfolio transaction region. Many of the rooms

included in the Project Europe, Accor, Fico or Adina portfolios were located in Germany, and the strong economic role that Germany plays in Europe continues to reassure investors. The share of cross-border portfolio transactions increased, strongly in luenced by Jin Jiang’s acquisition of Louvre Hotels Group.

BuyersIn 2014, hotel operators were on a spending spree in terms of portfolio acquisitions, driven largely by Jin Jiang’s acquisition of Louvre Hotels Group and Accor’s HotelInvest division, which re-purchased a total of 110 Accor-branded hotels. Hotel operator investments in single assets were made, amongst others, by Millennium & Copthorne, which acquired the Wyndham Grand London Chelsea Harbour for €78.8 million (€498,000 per room).

Real estate investors represented 35% of the investment volume in single assets and 14% in portfolios. This group has continued its diversi ication into hotel real estate in recent years, with the largest share of 2014 transactions driven by Kai Yuan with its acquisition of the Paris Marriott Hotel

RENAISSANCE BARCELONA


UK37%

France 5%

Germany20%

Other38%

2014

UK36%

France23%

Germany18%

Other23%

2013

CHART 6: PORTFOLIO INVESTMENT BY REGION – 2014 VERSUS 2013


Champs-Elysées. Notable transactions from institutional investors include the acquisition of a 144-hotel Travelodge portfolio by a consortium comprising Goldman Sachs, Avenue Capital and Golden Tree Asset Management for €655 million (€79,000 per room) and the acquisition of the Clarion Hotel Arlanda Airport in Stockholm for €121 million (€291,000 per room) by Norwegian group, Storebrand.

Private Equity irms are showing sustained interest in hotel portfolios as well as single assets, with irms such as Apollo Global Management, which acquired a portfolio of 18 hotels across Europe (€425 million), and Joint Treasure, which purchased the Marriott Hotel Grosvenor Square (€151 million, €638,000 per room) in London. KSL Capital Partners acquired the Urban Village Resort portfolio and Mount Kellett purchased Le Méridien Etoile in Paris.

Hotel investment companies made further strategic acquisitions with Westmont Hospitality purchasing the Lowry in Manchester from Rocco Forte (€56.5 million, €342,000 per room) and Asia-based Far East Orchard, which acquired four Adina Hotels in Germany and Denmark for €107 million (€203,000 per room).

Buyers by Region

In terms of source of capital, while very large Middle Eastern investments dominated 2013 representing 30% of total volume (for

example, Constellation Hotels’ acquisition of four Groupe du Louvre hotels for €700 million and the InterContinental Park Lane London for €463 million, plus ADIA’s purchase of 42 UK Marriott hotels for €640 million), 2014 saw a return to more typical trends recorded in recent years with Middle Eastern buyers representing 13% of total investment. North American investments accounted for 26% of total volume in 2014, up 13 percentage points on 2013, demonstrating that North American capital is again increasingly seeking hotel investment outside of the USA, following the trend in other major real estate classes in which North America is the largest regional source of investment in Europe. Asian investment in Europe saw a strong increase in 2014 compared to 2013, accounting for 17% of total volume (or €2.38 billion). While Asian investment in 2014 was strongly in luenced by Jin Jiang’s acquisition of Louvre Hotels Group, it is still a good sign of strong interest for Asian investors to allocate capital in Europe.

CHART 7: BUYER TYPES IN 2014 – SINGLE ASSET SALES VERSUS PORTOFLIO

Hotel Operator

10%

Institutional Investor 20%

Hotel Investment Company 5%

Private Equity 11%

Real Estate Investor 38%

High-Net-Worth Individual 8%

Undisclosed, Government,

Bank/Receiver 8%

Single Assets


Hotel Operator 38%


Hotel Investment

Company 10%

Private Equity 41%


Portfolios

CHART 8: INVESTMENT BY REGION


0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014

Undisclosed

Africa

Asia

Middle East

North America

Europe


SellersSimilar to the composition of buyers, the most active sellers include real estate investors, institutional investors and hotel operators. The most notable sales by hotel operators include the sale of the InterContinental Paris – Le Grand by InterContinental Hotels Group (€330 million, €702,000 per room), the sale of the London EDITION by Marriott and the St. Regis in Rome by Starwood Hotels & Resorts (€110 million, €683,000 per room). In terms of portfolios, the De Vere Group in the UK disposed of a total of 54 hotels (in three transactions) for a total of €1.1 billion.

Real estate investors’ dispositions included assets such as Le Méridien Etoile by Starman (€280 million) or the Hilton Frankfurt by London & Regional (€100 million). Starwood Capital disposed of Louvre Hotels Group, for a total of €1.2 billion. The main disposition by institutional investors was Moor Park’s sale of Fund I and II including 86 Accor-branded hotels.

Additionally, banks/receivers accounted for a sizeable proportion of predominantly single asset hotel sales in 2014. This category is directly linked to the roughly 15% of all transactions of single asset hotels classi ied as distressed. As a comparison, in 2013 only 10% of transactions were classi ied as distressed. One such notable transaction was Bank of Cyprus’ sale of the JW Marriott in Bucharest for €95 million (€237,000 per room). NAMA was also a large contributor to distressed asset sales, selling several properties in Ireland (see Spotlight on Ireland).

Conclusion2014 saw a continuation of the clear upward trend in the recovery of the European hotel investment market. Supported by strong hotel performance data in important markets, such as the UK, hotel assets have clearly once more become a focus for investors. Compared to other real estate asset classes, hotels saw the strongest growth in 2014, further cementing their position in the investment sector, albeit total investment values are still small compared to of ice or retail sales.

Demand for prime assets in key gateway cities is very strong and we do not expect this to change in the near term. Prices in capital cities such as London or Paris are very high, which is re lected by correspondingly low yields. This situation leads investors increasingly to consider secondary and tertiary investment locations, especially in the UK, where the regions enjoyed exceptionally good performance during 2014. We expect interest in such provincial markets to continue to grow during 2015. We also expect increased activity in other key gateway cities such as Amsterdam and Barcelona.

While many investors sought alternative investments outside the European Union during the economic downturn, the European hotel market has regained its attractiveness, and even once-severely-troubled markets such as Ireland and Spain are showing clear signs of recovery and hotel investment interest.

– HVS –

CHART 9: SELLER TYPES – SINGLE ASSET VERSUS PORTFOLIO


Hotel Operator 21%

Undisclosed 12%Bank/Receiver 15%

Government 1%


High-Net-Worth Individual 2%

Hotel Investment Company 5%

Private Equity

9%

Single Assets


Hotel Operator 21%



Undisclosed 5%Hotel Investment

Company 5%

Private Equity 38%

Bank/Receiver 2%

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ON

TIN

UED


HVS London and HVS Hodges Ward Elliott7-10 Chandos St, London W1G 9DQ, UK

www.hvs.comwww.hvshwe.com

About HVSHVS is the world’s leading consul ng and services organiza on focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries. Established in 1980, the company performs 4500+ assignments each year for hotel and real estate owners, operators, and developers worldwide. HVS principals are regarded as the leading experts in their respec ve regions of the globe. Through a network of more than 35 offi ces and 450 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. www.hvs.com

Superior results through unrivalled hospitality intelligence. Everywhere.

With offi ces in London since 1990, HVS London serves clients with interests in the UK, Europe, the Middle East and Africa (EMEA). We have appraised some 4,000 hotels or projects in more than 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 valua ons and feasibility studies, and for our ability, experience and rela onships throughout Europe, HVS London is on the valua on panels of numerous top interna onal banks which fi nance hotels and por olios.

About HVS Hodges Ward Ellio HVS Hodges Ward Ellio is the hotel brokerage and investment banking division of HVS. Opera ng within the European marketplace, HVS Hodges Ward Ellio acts on behalf of its clients in the sale and fi nancing of hotels. Assignments include individual assets and por olios, with transac ons having been successfully concluded in most major European markets.

For further informa on about the services of the London offi ce, please contact Charles Human on +44 20 7878 7771 or [email protected].

About the AuthorsJill Barthel is an Analyst with HVS London, specialising in hotel valuation, feasibility studies and consultancy. A Luxembourgian, Jill holds a BA (Hons) from the Glion Institute of Higher Education in Hospitality Finance & Revenue Management and an

E-Certificate in Hotel Real Estate Investments and Asset Management from Cornell. She joined HVS in 2014 after having gained experience in both accounting and revenue management in key positions with Kempinski in Munich, Beijing and Seychelles. Since joining HVS, she has been involved in several valuation and feasibility studies in Europe and Africa.

Tel: +44 (0) 20 7878 [email protected]

Adrian Ruch is an Analyst with HVS Hodges Ward Ellio , where he focuses on the sale of European single and por olio assets. He joined the company in 2014, having previously worked at UBS and PwC’s lodging and tourism consul ng prac ce, as well as at

independent Swiss hotels. He speaks English, German and French and holds a BSc (Hons) in Interna onal Hospitality Management from Ecole hôtelière de Lausanne with a specialisa on in real estate, market and corporate fi nance.

Tel: +44 (0) 20 7878 [email protected]

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2014 european hotel transactions - hospitality net · 2015. 2. 24. · midscale hotels, the highest...

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