Important! This article is written by orangesmile.com editors and is protected by copyright law. The article can only be re-used with a direct link to www.orangesmile.com

New Five Hotels in Europe by Host JV

Host Hotels & Resorts has announced the purchase of five hotels in Europe. The properties were purchased by the company’s joint venture, 33.4% of interest in which belongs to Bethesda. The portfolio, which consists of five hotels in Amsterdam and Paris, was purchased from Whitehall for as many as US$575 million.

A part of this sum was funded by the loan of US$326.7 million. The loan was acquired by Host and has the interest rate of 4.4%. The properties, which are present in the portfolio, include such hotels as the 327-guestroom Renaissance Paris La Defense Hotel, the 150 guestroom Courtyard Paris La Defense West – Colombes, the 757 guestroom Paris Marriott Rive Gauche Hotel & Conference Center, the 97 guestroom Renaissance Paris Vendome Hotel, and the 402 guestroom Renaissance Amsterdam Hotel.

According to Host, these purchases are not final, and the company expects to add more hotels in the region to its portfolio. The hotelier hopes to make new joint ventures that will enable future expansion and geographic diversification. Currently, Host is particularly interested in increasing its presence in Paris and its suburbs and in the central part of Amsterdam. Paris remains one of the most popular markets in Europe, and strong appeal of the city together with high entry barriers enable good RevPAR. Amsterdam, as Host’s official mentions, is known as one of the most famous commercial hubs in Europe. Due to this fact the city is always present in the top list of high RevPAR cities of Europe.

11.12.2012

Previous article / Back to news index

Stay in touch with the latest news of a worldwide hotel industry. All up-to-date analytics, reports, and news about hotel business trends on OrangeSmile.com.