A successful hotel repositioning operation
Covivio has announced the launch of the Anantara Plaza Nice Hotel. This is a flagship hotel for Minor Hotels, Covivio’s operating partner, which is opening its first Anantara in France. This operation demonstrates Covivio’s ability to implement an active asset and brand management policy for its hotel portfolio, located in the heart of the most attractive European cities.
In 2020, the group acquired the Plaza in Nice, along with several other hotels located in major European tourist cities such as Venice, Prague and Budapest. Covivio had committed to an ambitious works programme and a change of operator in order to reposition the hotel. The successful opening of the hotel now represents the completion of this major project.
Debut of the Anantara brand in France by Minor Hotels
Minor Hotels chose Nice as the location for the opening of its first hotel in France under the Anantara brand, a 5* hotel originating in Asia and now with a global footprint. Located in the heart of the city, 15 minutes from Nice International Airport, overlooking the Promenade des Anglais and the seafront, this historic establishment dating from 1848 has undergone major restructuring work.
The Anantara Plaza Nice Hotel offers 151 rooms, including 38 suites, most with terraces or balconies with sea view, as well as numerous services: Anantara spa, fitness room, seminar area with 6 meeting rooms, several dining areas including a rooftop restaurant-bar offering a 360-degree panoramic view of the Baie des Anges and the old town of Nice.
“This opening is a great source of pride for Covivio. Transforming the hotel offer, reinventing historic buildings and supporting leading operators in their development in Europe to meet the needs of travelers are all strategic objectives for Covivio. The Anantara Plaza Nice Hotel is a perfect synthesis of this,” comments Tugdual Millet, CEO Hotels of Covivio.
The Radisson RED brand is exported to Spain
At the same time, in Madrid, another Covivio hotel is reopening under a new brand name: Radisson RED, a new lifestyle brand with a bold and avant-garde design from the Radisson Hotel Group. The hotel is located on one of the city’s busiest thoroughfares, in the Art Triangle, just a few meters from Madrid’s main cultural sites.
Housed in a former sawmill dating from the 1800s, the Radisson RED has 260 rooms, including 10 suites, a rooftop, a gym, a bar, a pool of meeting rooms, etc. A strong mark of the new brand, the restaurant offer is original and attractive, with 3 restaurants run by Eneko Atxa, a three-starred chef.
For these two projects, Covivio implemented an active brand and asset management policy by changing operators and repositioning the establishments, thereby renewing the hotel offer and experience. On this occasion, new long-term leases were signed with Radisson Hotel Group (20 years) and Minor Hotels (15 years), thereby strengthening existing partnerships with leading brands.
These transactions, which have a target yield of 6%, illustrate Covivio’s strategy of creating value and moving upmarket with highly serviced lifetsyle hotels located in the heart of the most attractive and dynamic European cities.