Deal of the Year Award Winners Announced at IHIF in Berlin
BERLIN, Germany, March 7, 2007. Hosts of the 10th International Hotel Investment Forum (IHIF) have announced the winners of the prestigious Deal of the Year Awards. The awards were presented 7 March 2007 at the InterContinental Hotel in Berlin, Germany.
Winners were determined by a vote of the IHIF sponsors and were presented at IHIF by the respective chairs of each committee: Single Asset chair, Philip Johnston, Director-Head of Hotels, Savills; New Development chair, Russell Kett, Managing Director, HVS International; and Portfolio chair, Timothy Lloyd-Hughes, Managing Director, Deutsche Bank.
The Single Asset category winner was The Statuto Group's purchase of the 118 room Four Seasons Milan (Italy) from Quinlan Private for a reported price of EUR 220 million. Nominees included Hyatt International and JER Partners' purchase of the 267 room Great Eastern Hotel (London, UK) from Blackstone and Conran Holdings for lb150 million and Strategic Hotels and Resorts' purchase of the 236 room Marriott London Grosvenor Square (UK) from Blackstone for a reported lb103 million.
The New Development category winner was the 99 room Mandarin Oriental, Prague (Czech Republic), developed by a private equity fund at a cost of EUR 50 million and acquired after opening by a newly formed joint venture between Cedar Capital Partners and Morgan Stanley. Nominees included the 279 room Hilton Manchester Deansgate (UK), developed by the Beetham Organisation at a cost of lb50 million and the 205 room The Hoxton Hotel (London, UK), developed by Willow Street Hotel Ltd. at a cost of lb 18 million.
The Portfolio category winner was Hilton Hotels Corporation's acquisition of Hilton International Co. for approximately lb 3.3 billion in cash. Nominees included Morgan Stanley Real Estate Fund's (MSREF) acquisition of seven European InterContinental Hotels Group properties for lb 440 million and The Royal Bank of Scotland's acquisition of the Marriott Joint Venture properties from Whitbread and Marriott International for lb 951 million.
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