1. India: Hotelier acquires its first wellness resort
Mumbai-based hotel firm Leela Palaces, Hotels and Resorts said it acquired its first “wellness-anchored” resort, a 71-villa property near the Western Ghats mountain range in the Indian state of Karnataka. Hoteliers worldwide are increasingly offering amenities geared to health, nutrition and fitness.
The price for Leela’s newly acquired property is approximately 5.7 billion Indian rupees or $61.7 million, according to news outlet Hindu Business Line. A company statement said Leela plans to reposition and reopen the hotel as the Leela Coorg Forest Sanctuary by the end of the year. The anchor facility at the hotel will be a 27,000-square-foot Ayurvedic wellness center.
2. Expedia takes flight with London headquarters search
Online travel booking group Expedia is reviewing options for a potential new London headquarters office spanning about 200,000 square feet.
The Seattle-based company appointed real estate services firm Savills to draw up a short list of options that may include staying put in its current London location where it occupies about 250,000 square feet. The operator of travel brands such as Hotels.com and Trivago is weighing a potential relocation, with the lease on its current regional headquarters set to expire in 2030.
3. France: Goldman Sachs acquires student housing operator
American asset management firm Goldman Sachs completed its acquisition of Paris-based Urban Campus, marking its entrance into the French student housing category as part of larger plans to expand its European residential portfolio.
According to sources, Goldman has an investment capacity of around €600 million after receiving a mandate from an Asian investor. Goldman plans to back Urban Campus, which is also known for co-living and build-to-rent housing, with a real estate company that has pan-European ambitions to expand its holdings in managed residential properties.
4. Germany: Apartment developer gets new capital to expand investments
Residential developer BPD received €500 million in new capital from its Dutch parent company, Rabobank, to invest in the German rental housing market.
Frankfurt-based BPD said it plans to sell the apartments either during the construction phase or after completion. In the first phase of the program, approximately 1,000 rental apartments are to be completed nationwide without pre-sales.
5. Canada: Grocery competition may get boost from loosened lease covenants
The Canadian federal government’s plan to curb lease clauses that keep competing businesses out of nearby shopping centers and other commercial properties is drawing new attention to a long‑standing practice that some developers say complicates day‑to‑day leasing.
Critics have cited problems stemming from lease clauses that give anchor tenants, such as grocery stores, the right to approve what other tenants can open in the same property. The practice can reduce competition and keep prices higher for consumers, and it has become an operational risk for landlords, John O’Connor, senior managing partner and head of acquisitions and development at O’Connor Capital Partners, told CoStar News.
6. US: Savills’ purchase of Eastdil could spark more mergers
With its agreement to buy Eastdil Secured, London-based real estate advisory firm Savills is accelerating its global ambitions to broker the biggest property sales, upping its profile in the United States and potentially spurring more high-profile mergers.
That’s what commercial real estate professionals were saying after the companies confirmed the more than $1.1 billion agreement they say will elevate Savills, known for tenant representation, into the top ranks of full-service real estate firms. Brokers, property firm CEOs and other executives told CoStar News that the deal also could signal a coming wave of consolidation within commercial brokerages as they prepare for the next boom cycle.
This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.