German fund manager Engel & Völkers Asset Management has bought three hotels in Scotland, Ibiza and Sardinia from Düsseldorf-based 12.18.
The three properties represent the first investments for its EV Leisure Hotel Fund 1, with a total investment volume of approximately €280 million.
“We are planning to build up a diversified portfolio of high-class hotels and hotel complexes in the tourism sector, focusing on sought-after destinations in Europe," said Eugen Otto, head of investment at Engel & Völkers Asset Management.
The portfolio comprises Schloss Roxburghe in Heiton, outside Kelso, Scotland. A former manor house dating back to 1850, the hotel opened in 2019. An extension featuring a 600-square-metres spa complex, modern meeting rooms and 58 bedroom suites is under construction, and scheduled to open in 2022.
The Ibiza property, 7Pines Resort Ibiza, is part of the “Destination by Hyatt” and opened in 2018. Having been revitalised and repositioned, the all-suite resort has 185 luxurious suites.
On Sardinia, the 7Pines Resort Sardinia is currently taking shape near Porto Cervo. The 150,000-square-metre property, directly on the coast, is undergoing extensive refurbishment. When it opens this summer, it will offer 76 individual rooms and suites for guests, along with seven private beaches and the “Cone Club”, an exclusive beach club. It will also be part of the “Destination by Hyatt” collection.