Dresden: Singapore group buys Westin Bellevue for €50mn
First Sponsor Group from Singapur acquires the hotel “The Westin Bellevue Dresden” in a share deal. The firm quotes the purchase costs at about €49.5mn with a yield of 7.6 %. The hotel on Große Meißner Straße has 340 rooms and a total of 40,700 sqm. Sellers are the Luxembourg-based companies Rock Lux Opco S.à r.l. and Rock-Lux S.à r.l., which are part of Covivio and selling 94.9 % of their shares in the transaction. The remaining 5.1 % are retained by hotel operator Event Hotels. The Singapore group is expecting the closing before mid-year, after which they intend to invest more than €10mn in refurbishing and modernizing the hotel. First Sponsor is part of City Developments Limited (CDL), who reports having invested nearly €400mn in 17 European hotels since 2017. German properties in the portfolio are the Pullman Hotel in Munich and the Le Méridien in Frankfurt.
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