AXA Real Estate Investment Managers announces that it has completed the acquisition of the IBIS London City Hotel for £38.35 million (approx. €43.7 million), on behalf of the Co-operative Insurance Society (CIS) from Mangrove Securities Ltd. Providing a total of 348 rooms, arranged over 10 floors, with a 150 cover restaurant and bar, the IBIS London City Hotel is situated in a prime location on 5 Commercial Street in the City of London. The hotel is operated by leading hotel group, Accor. Conveniently positioned for both business travelers and tourists, it is within walking distance [...]
Henderson Global Investors & Berwick Hill Properties to develop hotel in Woking (UK)
Henderson Global Investors, together with developer Berwick Hill Properties, has secured planning consent for a new 108-bed Travelodge hotel in Woking town center. The development is due to be completed in late 2012. The development at White Rose Court on Oriental Road, will involve the conversion and part new build of an existing 1980s office building totaling 25,000 ft² (approx. 2,3000 m²) once complete. Berwick Hill will undertake the development which is scheduled to complete in late 2012. Cameron Fraser, Fund Manager at Henderson Global Investors said: “The development [...]
Metrotel sells £10-million Hammersmith hotel and pub (UK)
Metrotel has sold the landmark 119-bedroom Premier Inn Hammersmith Hotel and Ravenscourt Arms Public House to a private investor. Located at 255-257 King Street, London, W6, the prominent former office tower was converted to a 119-bedroom Premier Inn over basement, ground floor and 13 upper storys. The Ravenscourt Arms is a busy Punch Taverns’ public house attached to one side of the hotel. The sale price was not disclosed. The guide price was £10 million (approx €11.6 million). The property generates a rental income in excess of £650,000 per year from the lease to [...]
Gica Popescu finally makes the hotel he wanted to make before the crisis
Former football player Gica Popescu returned to earlier plans. It is the hotel that he initially announced in 2008, but renounced, as the crisis progressed. Gica Popescu feels that now is the time to open the hotel for some years. Although initially frightened by the economic crisis, and even now in incertain market conditions, the former footballer has made the first step and established a company named Gica Popescu Hotels. "The start of construction for the hotel in the capital is scheduled for March next year. The total investment will amount to 20 million euros, "said Gica [...]
New entity will invest in nine new Dutch hotels (NL)
Interstate Hotels & Resorts and TVHG Budget Management Group announced they will jointly invest in nine new Dutch hotels under the name Dutch Hotel Partners. Bart van de Kamp, CEO of TVHG commented on the new partnership, "This is an important step for us. Interstate is one of the best hotel management companies in the world and their strategy is fully in line with ours. Interstate has already been managing our Holiday Inn Express hotel at Schiphol airport and we see that in the results. We are very happy.” The remaining eight hotels are in various stages of development with a 254 [...]
IPD/JLL: UK Hotel values only 12.7% from their pre-recession peak (UK)
The IPD European Hotel Performance Report – sponsored by Jones Lang LaSalle Hotels, Invesco Real Estate and HVS and launched for the first time this year – shows the 2010 all hotels return across Europe to be 6.9% in local currencies, while UK hotels returned 14.9%. The report, which includes 373 hotels from nine constituent countries, worth €7.6 billion, aims to bring transparency to a sector relatively unknown to the average commercial property investor. As Tim Smith, Director at HVS explained, “Hotels are seen as a challenging investment class that requires detailed knowledge to [...]
Q: How did 2012 start for the residential market in Iasi?
Dan Mihoci: The real estate market is headed towards normalcy, without “sentimental” pretentions of the seller or unfounded requests from buyers with an evident need for consultancy, for both buyers and sellers. Despite the bad weather and the economic and political instability, the real estate market is an interesting chapter for everyone.
Q: In 2011, the year started with a high level of interest but few transactions. How did the market evolve ... 
