Covivio: completes acquisition of eight hotels in Europe

(CercleFinance.com) - Covivio, through its 43.
3%-owned subsidiary Covivio Hotels, announces that it has finalised the acquisition of a portfolio of eight hotels in Europe for 573 million euros (248 million euros, group share), including works amounting to 86 million euros.

This upmarket portfolio of hotels in prime locations includes several emblematic hotels, such as the Palazzo Naiadi in Rome, the Carlo IV in Prague, the Plaza hotel in Nice and even the NY Palace in Budapest, Covivio said.

With a total of 1,115 rooms, these hotels will be operated by NH Hotel Group through long-term triple net leases with a minimum yield of 4.7%. The agreement is for an initial term of 15 years, extendable to 30 years on the request of NH Hotel Group.


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