Austria/Czech Republic/Hungary: Schoenherr advises Covivio on the purchase of luxury hotels

20 February 2020 | austria

Schoenherr, in close cooperation with BonelliErede, advised Covivio, a European real estate operator, on its acquisition of eight luxury hotels from Värde Partners, a leading global alternative investment firm, at the agreed amount of EUR 573 million. The respective hotels are situated across Europe, located in popular tourist destinations.

"We are proud to have advised Covivio on this large-scale acquisition of eight luxury hotels. Working with cross-border teams and in close cooperation with BonelliErede, we were able to bring this high value transaction to a successful conclusion," said Michael Lagler, partner at Schoenherr, who coordinated the teams advising on this project.

Covivio is a European real estate operator, and its business is focused on offices real estate, hotels, and residential. Concentrated in the heart of major European cities, its portfolio comprises offices, hotels and housing valued at EUR 24 billion (end of 2019). With this acquisition, eight hotels, mostly five-star, are being added to the Covivio portfolio: Palazzo Naiadi in Rome; Plaza Nice in Nice; New York Palace and New York Residence in Budapest; Carlo IV in Prague; Palazzo Gaddi in Florence; and Grand Hotel Dei Dogi and Hotel Bellini in Venice.

The Austrian team advising Covivio was led by Michael Lagler (partner) who was supported by Clemens Rainer (counsel). The Czech team was led by Martin Kubánek (partner) and was supported by Viktor Pakosta (attorney at law). The Hungarian team was led by Kinga Hetényi (partner) and was supported by László Krüpl (attorney at law); Dániel Varga (attorney at law) and Adrian Menczelesz (associate).