The French real estate company Covivio, through its subsidiary Covivio Hotels (which it holds 43%), has taken over hotels in the city centers of six important European tourist destinations, especially in Italy. There are a total of 8 hotels, of which two in Venice, one in Rome and Florence, two in Budapest and one in Nice and Prague. The operation is worth 573 million euros, including 86 million work on real estate. Some of these structures, which have a total of 1.115 rooms, are very high-end, such as Palazzo Naiadi in Rome, the Charles IV in Prague, the Plaza hotel in Nice or the NY Palace in Budapest. All are 5-star, apart from the Bellini in Venice and Palazzo Gaddi in Florence which have 4.
The NH chain will manage the lot of hotels, by virtue of an agreement with Covivio for a "triple net" long-term lease, i.e. with a variable fee that includes a guaranteed minimum, with a minimum yield of 4,7%. There are currently six hotels already operational (but work is underway on rebranding, which alone will cost 30 million), while the structures in Florence and Nice are undergoing renovations and will reopen respectively by the end of 2020 and in the second half of 2021. 2014. The collaboration between Covivio and NH began in 2016 with the acquisition of a hotel in the center of Amsterdam and continued, between 2018 and 10, with the purchase of XNUMX hotels in Germany, the Netherlands and Spain .
With this acquisition, completed despite the current crisis in tourism, Covivio consolidates its leadership position in the hotel real estate market, with assets that now reach 6,8 billion euros (2,6 billion euros pertaining to the group) in the city center of major European tourist destinations.
