Las Vegas-based hospitality and entertainment company MGM Resorts has reportedly acquired a stake in lifestyle hotel developer and operator Sydell Group. The magnitude of the investment as well as the size of the share in Sydell has not been reported. The Sydell Group’s portfolio includes popular hotels such as The Ned in London as well as three NoMad branded properties in North America and one under development in London. The two companies have partnered in the past when converting a resort and casino in Las Vegas into the Park MGM and NoMad hotels.
Austrian developer S + B Gruppe has acquired the four-star Panorama Hotel, alongside a development site, in Prague’s 4th district, from Maltese hotel group Corinthia Hotels. The sixth largest hotel in Prague with 440 rooms will continue to be operated by Corinthia, who the Austrian buyers have signed an operating lease with.
London listed real estate investment trust LXI REIT has acquired three hotel development projects scattered across the United Kingdom on a forward-sale basis for a reported £55 million (£242,300 per room). The projects include a 75-room Travelodge hotel in Sandwich, Kent, and two Premier Inn hotels with 70 rooms in Saffron Walden, Essex and 82 rooms in Worksop, Nottinghamshire. All three hotels are pre-let under 25-year leases from completion and the transaction is reported to reflect a net initial acquisition yield of 5.7%.
Lancashire-based Leisureplex Hotels has acquired the former Cavendish Hotel in Torquay, located between Exmouth and Plymouth in South West England, from the Ryder family. The asset, the buyer’s second property in Torquay, has been renamed Metropole Hotel on acquisition and comprises 95 guest rooms. Leisureplex now owns and operates 24 hotels with some 2,000 rooms across the UK, mainly in seaside locations.
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