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Covivio confirms new acquisitions in 2020

On December 31, 2019 Covivio confirmed the acquisition of nine properties in Europe by its subsidiary Covivio Hôtels for a total of 620 million euros as per the announcement made last November.

After Poland with three new properties in November, the real estate investment firm is now putting its hands on 4 and 5 star hotels located in Rome, Florence, Venise, Nice, Prague, Budapest and Dublin, marking its initial foray into the Italian, Czech and Irish markets. The operation is expected to be completed at the end of the first semester.

The operation concerns the acquisition of two distinct portfolios: a first of 8 assets representing 1,115 rooms for a total of 573 million euros (works included) acquired from Värde Partners and operated under NH Collection, NH Hôtels and Anantara Hotels & Resorts, and a second consisting of a single hotel operated under the Hilton brand in Dublin for 45.5 million euros.

The first portfolio includes the Hotel Plaza Nice (5 stars, 152 rooms), the Palazzo Naiadi Roma (5 stars, 238 rooms), the Palazzo Gaddi Florence (4 stars, 86 keys), the Carlo IV Prague (5 stars, 152 keys), as well as two properties in Venice - Grand Hotel dei Dogi Venezia (5 stars, 64 keys) and the Bellini Venezia (4 stars, 100 keys) - and two others in Budapest: the NY Palace Budapest (5 étoiles, 185 keys) and the NY Residence Budapest (5 stars, 138 keys).

In November, Covivio announced the takeover of three properties in Lodz, Warsaw and Cracow and the development of three new units. Earlier this year, the investment firm strengthened its position on the French market through the takeover of 32 Accor properties in France and Belgium. The firm is thereby pursuing its goal for growth in Europe by "establishing its presence at the heart of cities that are among the 20 most important tourist destinations in Europe," as Dominique Ozanne, CEO Covivio, explained in an official press release at the end of December 2019.

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