COVIVIO (EPA:COV) - Covivio completes the acquisition of 8 hotels leased to NH Hotels
Transparency directive : regulatory news
08/09/2020 08:00
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Press release
Paris, 8 September 2020
Covivio completes the acquisition of 8 hotels leased to NH Hotels in the
city-center of major European touristic destinations
Covivio, through its subsidiary Covivio Hotels held at 43.3%, has completed the
acquisition of the portfolio of eight hotels located in Rome, Florence, Venice
(x2), as well as in Nice, Prague and Budapest (x2) for EUR573 million (EUR248
million in Group share), including EUR86 million of capex. This portfolio of
high- end establishments in prime locations includes several emblematic hotels
such as the Palazzo Naiadi in Rome, the Carlo IV in Prague, the Plaza in Nice
and the NY Palace in Budapest.
A strengthened partnership with NH Hotel Group
Totalling 1,115 rooms, the hotels will be operated by NH Hotel Group through
long term triple net lease contracts(1) with minimum guaranteed variable rent,
generating a minimum yield of 4.7%. The agreement has an initial duration of 15
years, extendible at NH Hotel Group's option to 30 years.
Besides, Covivio is pursuing a capex program of EUR86 million for the entire
portfolio, that shows great potential for growth:
- 6 hotels are currently open and will undergo rebranding works
(around EUR30 million)
- The hotels in Florence and Nice, under renovation (around EUR56 million of
capex expected), will reopen respectively by end-2020 and in the second
semester of 2021.
Thanks to their strong long-term partnership, Covivio and NH Hotel Group have
completed this acquisition, which was announced last January and postponed to
September due to the health environment. Initiated in 2014, the collaboration
with NH Hotel Group began with the acquisition of a hotel in the centre of
Amsterdam and then continued between 2016 and 2018 with the purchase of ten
hotels in Germany, the Netherlands and Spain.
A portfolio ever more strategic for major hotel operators
With this acquisition, Covivio bolsters its status as European leader in the
hotel real estate market, with a portfolio of EUR6.8 billion (EUR2.6 billion
Group share) located in the city-centre of major European touristic
destinations.
Despite an unprecedented crisis, Covivio, through this investment, highlights
its confidence in the long- term fundamentals of the hotel industry and its
capacity of recovery. Covivio, with its recognized platform and solid track
record, is currently partnered with nearly 20 hotel operators, representing
about 30 brand names spread out over 12 European countries.
(1) Excluding Nice
Rome - Palazzo Naiadi
Venezia - Dei Dogi
Prague - Carlos IV
Budapest - NY Palace
Portfolio details (Italy, Nice, Budapest and Prague)
List of hotels by city, category and number of rooms.
Hotel Cat. Rm.
Hotel Plaza Nice 5* 152
Palazzo Naiadi Roma 5* 238
Dei Dogi Venezia 5* 64
Bellini Venezia 4* 100
Palazzo Gaddi Florence 4* 86
NY Palace Budapest 5* 185
NY Residence Budapest 5* 138
Carlo IV Prague 5* 152
Total 1,115
CONTACTS
Press Relations
Géraldine Lemoine
Tél : + 33 (0)1 58 97 51 00
geraldine.lemoine@covivio.fr
Laetitia Baudon
Tél : + 33 (0)1 44 50 58 79
laetitia.baudon@shan.fr
Investor Relations
Paul Arkwright
Tél : + 33 (0)1 58 97 51 85
paul.arkwright@covivio.fr
Hugo Soussan
Tél : + 33 (0)1 58 97 51 54
hugo.soussan@covivio.fr
ABOUT COVIVIO
Thanks to its partnering history, its real estate expertise and its European
culture, Covivio is inventing today's user experience and designing tomorrow's
city.
A preferred real estate player at the European level, Covivio is close to its
end users, capturing their aspirations, combining work, travel, living, and
co-inventing vibrant spaces.
A benchmark in the European real estate market with 25 BnEUR in assets, Covivio
offers support to companies, hotel brands and territories in their pursuit for
attractiveness, transformation and responsible performance.
Build sustainable relationships and well-being, is the Covivio's Purpose who
expresses its role as a responsible real estate operator to all its
stakeholders: customers, shareholders and financial partners, internal teams,
local authorities but also to future generations and the planet. Furthermore,
its living, dynamic approach opens up exciting project and career prospects for
its teams.
Covivio's shares are listed in the Euronext Paris A compartment (FR0000064578 -
COV) and on the MTA market (Mercato Telematico Azionario) of the Milan stock
exchange, are admitted to trading on the SRD, and are included in the
composition of the MSCI, SBF 120, Euronext IEIF "SIIC France" and CAC Mid100
indices, in the "EPRA" and "GPR 250" benchmark European real estate indices,
EPRA BPRs Gold Awards (financial + Sustainability), CDP (A), Green Star GRESB
and in the ESG FTSE4 Good, DJSI World & Europe, Euronext Vigeo (World 120,
Eurozone 120, Europe 120 and France 20), Euronext(r) CDP Environment France EW,
Oekom, Ethibel, Sustainalytics and Gaïa ethical indices.
Covivio is rated BBB+/Stable outlook by Standard and Poor's.
Notations solicited:
Financial part: BBB+ / Stable outlook by Standard and Poor's
Extra-financial part: A1+ by Vigeo-Eiris
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