Elbit Imaging Ltd. agrees to sell both assets for a combined sum of 48 million euros.
EMEA – Elbit Imaging Ltd. have exchanged contracts to sell the Radisson Blu and the Park Inn Hotels in Antwerp, Belgium, to KKR for 48m. euros. JLL acted as the exclusive advisor to Elbit Imaging Ltd.
Both properties are located on Koningin Astridplein (Astrid Square) in the historical centre of Antwerp, adjacent to the Diamond District and directly across from the Antwerpen Centraal Station. They are also close to cultural and leisure attractions such as the Moretus Museum and the Cathedral of Our Lady.
The four-star Radisson Blu hotel comprises 247 contemporary rooms and suites, 18 conference rooms, a ballroom, brasserie, breakfast area, bar and health club. The newly refurbished Park Inn by Radisson comprises 59 rooms and suites, a breakfast area, lounge, and fitness centre. Together, the hotels boast a gross internal area of over 36,000 sq m.
The city of Antwerp is the second largest urban centre in Belgium with a metropolitan population of 1.2 million inhabitants, comprising nearly 12% of the national population. The city’s role as a commercial and cultural hub in the Flemish region continues to grow as the area attracted 1.54 million tourists in the first three quarters of 2014, a 6.6% increase on the same period in 2013.
Adam Wilson, Vice President of JLL’s Hotel and Hospitality Group commented: “This transaction is demonstrative of international capital targeting prime assets within secondary European cities. It is a trend we are seeing, partly as a result of intense competition for real estate in gateway cities such as London and Paris.” Wilson adds that “We have also seen investors becoming more relaxed to management encumbered investment opportunities, whereas 12 to 24 months ago they were perceived as being less attractive.”
JLL recently commented on the strong investor sentiment in EMEA in its 2015 Hotel Investment Outlook. The report forecast close to $25bn in hotel trades in EMEA in 2015, up from $21.5bn in 2014 and representing 36% of all hotel transactions globally.
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