|
NH Hoteles, Accor & Orient Express were winners of the Deal of the Year
Awards, held March 13, 2003 at the International Hotel Investment Forum
(IHIF) in Berlin, Germany.
The
Portfolio Deal of the Year Award went to NH Hoteles for their €130 million purchase of Germany's third largest domestic operator, Astron
Hotels with 53 properties in Germany, Austria & Switzerland, as well as a
pipeline of 22 new developments. The deal was judged to be a strong strategic fit with considerable cost economies and good cross-selling
opportunities. The other finalists in this category were Rotch Group, Farnsworth Group and Bank of Scotland's limited partnership €527.5 million
sale and leaseback of 10 Hilton Group hotels and Orb Estates' €979 million
purchase of 37 Thistle Hotels.
The Single Hotel Asset Deal of the Year Award went to Orient Express Hotels
for their first hotel in Spain with their €41 million purchase of Mallorca's
award winning La Residencia from the Virgin Hotel Group. The judges praised the structure, the yield and the speed of the deal and saw good
scope for expansion and profit improvement. The other finalists in this
category were JJW Hotels for their €87.8 million purchase of the prestigious
five-star ANA Grand Hotel in Vienna and London and Regional Properties €246.3 million acquisition of the flagship 500 room Hilton Park Lane.
The New Hotel Development Deal of the Year was won by Accor for the
Sofitel, St James's, London, developed in conjunction with MWB. This deal
was judged to have achieved considerable added value from the re-negotiation of a new, longer term lease with the Crown Estate and the fact
that Accor was able to sell the investment to a third party on completion of
the development. The other finalists in this category were the Marriott on
Park Lane, London and the Park Hyatt Vendome, Paris.
Bob Lewis, Director
International Hotel Property Services for PKF, who co-presented the Awards commented: "The judges were again impressed
with the high standard of the deals nominated in all categories, indicating
that investors, hoteliers and funders continue to find innovative ways to
create added value".
Michael
Hirst, Consultant for Insignia Hotels and co-presenter agreed: "Once again the winning deals have proved that, despite the current
unsettled outlook, European hotel investors and operators are creating growth opportunities which deserve the recognition accorded by these
awards." |
