In a significant move reflecting the buoyant European hotel investment market, an American investor has acquired the 56-room luxury hotel, The Alpina Gstaad, in Switzerland from local real estate investor Marcel Bach and French billionaire Jean-Claude Mimran. The transaction, valued at approximately €210m (€3.75m per room), underscores the strong demand for high-end hospitality assets in prime locations.
The Alpina Gstaad, perched above the village centre of Gstaad, is renowned for its four restaurants, a bar, a Six Senses spa, and six meeting facilities. Opened in 2012 as part of a €315m luxury development, the hotel has become a symbol of opulence in the Swiss Alps.
In Sweden, Pandox AB has agreed to acquire the newly built, 154-room Elite Hotel Frost in Kiruna from the Municipality of Kiruna for approximately €31.4m (€203,900 per room). Scheduled to open in June 2025, the hotel will feature two restaurants, a bar, and five meeting rooms. It is leased to Elite Hotels under a 15-year revenue-based lease agreement with a minimum guaranteed rent.
Meanwhile, Iroko Iberia, a subsidiary of French institutional investor Iroko Zen SCPI, has acquired the 339-room Hotel htop Calella Palace Family & SPA in Calella, Spain, from Htop Hotels for €22m (€64,900 per room) in a sale and leaseback transaction. Htop Hotels will continue to operate the hotel under a 20-year fixed lease and plans to invest €4m (€11,800 per room) in renovations.
In Austria, UAE billionaire Mohamed Alabbar, who controls Emaar and Eagle Hills, has acquired the five-star, 200-room Ritz-Carlton in Vienna from Kazakh private equity firm Verny Capital. The hotel, located on Vienna’s central Ringstrasse, includes two restaurants, two bars, and nine event rooms. This acquisition follows Emaar Properties' purchase of the Grand Hotel Imperiale in Forte dei Marmi, Italy, for €40m in October 2024.
These transactions are part of a broader trend highlighted in the HVS Europe Hotel Transactions Bulletin for the week ending 4 April 2025, which reports a surge in hotel investment activity across the continent. The bulletin notes increased investor confidence and a strong appetite for hospitality assets, particularly in prime locations.
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Marcel Bach – Local real estate investor
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Jean-Claude Mimran – French billionaire
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Mohamed Alabbar – UAE billionaire, controls Emaar and Eagle Hills
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HVS – Provided the Europe Hotel Transactions
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Pandox AB – Acquirer of Elite Hotel Frost in Kiruna, Sweden
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Iroko Zen SCPI – Parent company of Iroko Iberia, acquirer of Hotel htop Calella Palace
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Htop Hotels – Seller and operator of Hotel htop Calella Palace
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Emaar Properties – Controlled by Mohamed Alabbar, acquirer of Grand Hotel Imperiale
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Verny Capital – Seller of Ritz-Carlton, Vienna
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