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Hotel Transactions MARCH 2014 | PRICE £500 2013 EUROPEAN HOTEL TRANSACTIONS Veronica Waldthausen Associate Louise Fury Senior Editor www.hvs.com HVS London and HVS Hodges Ward Elliott www.hvshwe.com 7-10 Chandos St, London W1G 9DQ, 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. Highlights NH GRAND HOTEL KRASNAPOLSKY AMSTERDAM Total European hotel transaction volume has reached a new peak since the onset of the global inancial crisis, with a volume of €7.7 billion in 2013, a 39% increase on the €5.6 billion recorded in 2012 (although still well below the €15.9 billion, €20.3 billion and €18.8 billion recorded in each of the boom years of 2005, 2006 and 2007, respectively);¹ In 2013, the irst quarter alone accounted for more than half of the year’s total transaction volume, totalling €4.2 billion over just three months; Transaction activity was driven by portfolio deals, which more than doubled in the irst quarter of 2013 compared to the same period in 2012; The UK remained the most liquid hotel In terms of number of deals, activity investment market, with transaction increased in 2013 with a total of 121 volume totalling €3 billion, accounting for transactions taking place compared to 99 39% of total sales; in 2012; The Netherlands showed the greatest 2013 was marked by the sale of several increase in activity in Europe in 2013 prestigious assets, including the 447- when compared to 2012. Transaction room InterContinental Park Lane for volume totalled almost €500 million €463 million (€1 million per room) and compared to €118 million in 2012; the 138-room Mandarin Oriental in Paris for €290 million (€2.1 million per room, Middle Eastern buyers played a but this also included two street-front signiicantly larger role in the 2013 retail units). hotel transactions market. Just one year ago, capital from the region averaged approximately 12% of total volume and in Setting the Scene 2013 it reached 30%, growing in absolute terms from €646 million to €2.3 billion; After a drop in European hotel investment volume in 2012, 2013 proved to be a strong Distressed sales only made up 10% of the year, with total transaction volume reaching total volume, lower than in previous years; €7.7 billion, equating to 39% growth on 2012. Europe is slowly emerging from the CHART 1: TOTAL HOTEL INVESTMENT VOLUME 2004-13 Eurozone Crisis and investor sentiment 25 has improved. Debt Portfolio Transactions inancing has become 20 Single Asset Transactions Ten-Year Average more readily available as in addition to 15 established European hotel lenders, such € Billions 10 as Aareal Bank, a growing number 5 of domestic and overseas banks 0 have begun showing 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 interest in the hotel Source: HVS – London Office ¹Only transactions that sold for over €7.5 million are considered in this analysis. EUROPEAN HOTEL TRANSACTIONS 2013 | PAGE 2 sector again, facilitating CHART 2: INVESTMENT VOLUME BY QUARTER funding and cross-border 7 Cumulative investment. Signiicant growth 6 Single Asset 13% of Total in activity was recorded from 5 Portfolio Middle Eastern investors, and 20% of Total 4 13% of Total Asian investors also seem 55% of Total keener to tap into Europe than 3 in previous years. Although € Billions 2 transaction volume has yet 1 to reach the ten-year average 0 of €10 billion, 2013 recorded Q1 Q2 Q3 Q4 the highest activity since the 2013 2013 2013 2013 onset of the global inancial Source: HVS – London Office crisis. The many portfolio deals that were closed in the Hayley hotels in the UK and the 42-asset irst quarter of 2013 marked a strong start Marriott portfolio in the UK. After slower to the year, while the Hilton IPO in the latter growth in the second quarter, the summer half continued to demonstrate robust demand months showed an uptick in activity, driven for hotel investment and a strong recovery of almost equally by single asset and portfolio hotel real estate markets. transactions. Owing to a shortage of hotels available for acquisition on the market, sales slowed in the last quarter of 2013 and Quarterly accounted for only 13% of the year’s total Investment Activity transaction volume. Unlike over the previous few years when hotel investment volume was spread Single Assets relatively evenly between the four quarters, Single asset sales accounted for 57% of total the irst quarter of 2013 accounted for 55% transaction volume in 2013, amounting to of the total transaction volume. This growth €4.4 billion, an increase of 32% on 2012. was primarily driven by portfolio sales. The sales price per room also grew, by 13%, February alone accounted for almost 40% relecting the improvement in investor of the year’s activity and saw the closing of, sentiment and also the quality of assets among others, the sale of four Groupe du coming onto the market, averaging €208,000 Louvre hotels in France, the Queens Moat per room. It is interesting to note that three House portfolio in Germany, 22 Principal single assets sold for more than €1 million per key in 2013 compared to only one asset in 2012. CHART 3: SINGLE ASSET TRANSACTION VOLUME 2004-13 Spotlight on the UK: 8 160 Single Asset Transaction Volume The UK was once again the 7 140 Number of Transactions most liquid market in Europe, 6 120 with single asset sales totalling Number of Transactions €1.4 billion, far above any 5 100 other European market, yet 4 80 relatively unchanged from € Billions the 2012 performance. 3 60 Approximately 60% of these 2 40 hotels transacted in London. One of the most distinct 1 20 transactions of the year was — 0 the sale of the InterContinental 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Park Lane in London to Qatari group, Constellation Hotels for Source:S HVS – London L d O Offiffice EUROPEAN HOTEL TRANSACTIONS 2013 | PAGE 3 €463 million (£400 million). CHART 4: SINGLE ASSET PRICE PER ROOM 2004-13 Both the freehold and 300,000 60% leasehold interests were sold Average Sales Price per Room % Change in two separate but virtually 250,000 45% simultaneous transactions. 200,000 30% Spotlight on Germany: % Change The robust economy in Germany 150,000 15% has made the country a shining 100,000 0% star in terms of both hotel performance and investment (€) Per Room Price Sales Average 50,000 -15% and it continues to maintain its spot on the podium, accounting — -30% for just under 20% of total 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 European single asset sales. In Source: HVS – London Office 2013, 18 sales were reported, with the capital, Berlin, leading hotel transactions (compared to six in France), the way with six transactions, followed by including assets such as the NH Grand Hotel Munich and Hamburg. The sale of the 342-room Krasnapolsky Amsterdam, acquired by AXA Real Grand Hyatt Berlin achieved the highest price Estate Investment Managers for €157 million of €100 million (around €292,000 per room). (€335,000 per room), and the Hotel Pulitzer in It was sold by SEB Management (from SEB Amsterdam, which was sold to an undisclosed ImmoInvest Fund) to Qatari group, Al Rayyan buyer. Tourism and Investment Company (ARTIC). Other notable transactions included Fairmont Portfolio and Rafles Hotels International’s sale of the Vier Corporate Activity Jahreszeiten in Hamburg to the Dohle family for €40 million (€256,000 per room) and Le Royal Portfolio and corporate sales volume recorded Méridien Hamburg for €64 million (€225,000 48% growth on 2012 levels, totalling per room) to an undisclosed buyer. We also €3.3 billion, a record since the onset of the note that a number of sales were developments, global inancial crisis but still far below the which illustrates that investors are increasingly 2006 peak. Remarkably, the irst quarter of willing to take on higher risk in the expectation 2013 drove portfolio deals to these heights as of achieving higher yields. just under 80% of all portfolio transactions occurred within the irst three months of the Spotlight on the Netherlands: year. Some of the most notable transactions The Netherlands ousted France for third included Constellation Hotels’ acquisition of the place in terms of total number of assets sold, Groupe du Louvre Portfolio (four hotels) from thereby shaking up the scene in 2013. Even Starwood Capital for €700 million, ADIA’s (Abu though transaction volume in the Netherlands Dhabi Investment Authority’s) purchase of 42 (€467 million) did not overtake that of France Marriott hotels in the UK for €640 million and (€593 million), it has pushed its way up the KSL, a private equity irm based in Colorado, ladder. This small country recorded eight purchased the Malmaison and Hotel du Vin portfolio for €234 million. CHART 5: TRANSACTIONS IN THE NETHERLANDS 2013 Number Price per Room Property Location Price (€) Buyer Seller of Rooms (€) NH Grand Hotel Krasnapolsky Amsterdam Amsterdam 468 157,000,000 335,000 AXA Real Estate Investment Managers NH Hoteles Rembrant Classic Hotel Amsterdam 111 25,000,000 225,000 Ennismore Capital Hotusa Hotels Park Hotel Amsterdam 189 Undisclosed Undisclosed Invesco Real Estate Grand City Hotels & Resorts Hotel Pulitzer, Amsterdam Amsterdam
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