New DACH-focused conglomerate makes maiden hotel purchase in Hamburg

In a bid to create solid long-term investments, the Bayerische Versorgungskammer (BVK) has partnered with GBI AG, a German project development company, to invest in and manage hotel properties in Europe’s Germany (D), Austria (A), and Switzerland (CH) — or DACH — region via a fund created by Frankfurt-based Universal-Investment. The new fund’s strategy is to build a high-value, long-term portfolio. An initial investment of €500 million ($560 million) will go towards this goal. With about €77 billion ($98 billion) of managed funds, the BVK is one of Germany’s most important institutional investors. BUILDING A NEW PORTFOLIO The collaboration between GBI and BVK officially began in early 2019 when the purchase of the fund’s first hotel property, the Lindner Hotel Am Michel in Hamburg, was decided. “Set in a perfect downtown location in one of Germany’s most dynamic hospitality markets, this 4-star hotel is a fitting first step for the fund,” says Simon Behr, Director of Fund Management & Transaction at GBI AG. Opened in 2008, the 4-star hotel set in Neanderstreet has 259 modern rooms and comes with a large events and conference space with seven meeting rooms. After being run by Lloyd Fonds AG for over 10 years, it has now been sold to BVK’s new fund.

African hospitality market booming

Radisson is not alone in these efforts to grow in the African continent. Global hotel chains, including Marriott International and Hyatt Hotels have been increasing investments in Africa, which has some of the world’s fastest growing economies and a rising middle class. Radisson Hotel Group plans to open a further five hotels across Africa in 2019, four of which are located in the Francophone market, pushing the African portfolio to more than 50 hotels in operation before year-end. These openings include the first Radisson Blu hotel in Casablanca, which is the Group’s second hotel in Morocco, scheduled to open within the next six months, as well as their first hotel, and the countries first internationally branded hotel in Niger, with the opening of Radisson Blu Hotel Niamey in Q2 this year. “Our strategy will most certainly reinforce our presence in key markets not only in the Francophone markets, but across Africa, as we continue to focus on delivering on our expanding pipeline,” Rankoussi said.

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Five-star luxury hotel Lucknam Park invests £250k in six-week spa refresh

Luxury five-star country house hotel Lucknam Park has recently invested £250k into refreshing its spa facilities as part of a six-week project. The hotel has given its ESPA spa a facelift, relining and refurbishing the main pool and hydro pools, as well as introducing a new sauna featuring a Himalayan salt feature. The sauna and steam rooms within the changing rooms have been revamped and a new ice feature installed. The gym now boasts a new mural wall with an image of Lucknam Park’s driveway, to ‘bring the outdoors in’. In December, it was revealed that managing director Claire Randall was to leave her position as managing director to take up a role at The Idle Rocks and St Mawes Hotel in Truro in March. During her time at Lucknam Park, she was been an integral part of the property’s development and evolution, overseeing a £20m investment project and the launch of the spa in 2008. The 42-bedroom hotel is set in 500 acres of grounds and is home to the Michelin-star Restaurant Hywel Jones, the luxury ESPA spa and cookery school.

AB Hotels reclaims Crowne Plaza Colchester Hotel back as independent

AB Hotels, headed up the Bejerano family, has moved its Essex hotel back to independent status after seven years operating under the Crowne Plaza brand. The four-star Crowne Plaza Colchester Five Lakes hotel, which was acquired by AB Hotels in 1994, has also reclaimed its original name and will now be known as Five Lakes Resort. AB Hotels director, Rafi Bejerano said that the decision was made to ‘move away from the corporate approach of a branded hotel’ and restore the ‘personal touch and family feel’ associated with AB Hotels. “Being independent again gives us the opportunity to be more flexible, dynamic and respond quickly to the needs of the market,” he said. “The response has been tremendous so far and we are looking forward to re-establishing direct personal relationships with our agents, suppliers and loyal customers.” The news comes just a few months after the family decided to sell their London property, The Arch, to StayWell Holdings, a hotel and leisure company in Japan. AB Hotels also owns Sopwell House in St Albans, Hertfordshire.

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