Park Hyatt Vienna: Spanish Deal Fails, “Super Deal” with New Bidders Ahead?
Negotiations regarding the sale of the five-star Park Hyatt am Hof hotel in Vienna have broken down for the time being. A deal with the Spanish company Medcap Real Estate, which was rumored in September, failed due to the reported purchase price of €330 to €335 million.
This magnificent property, located in the exclusive Golden Quarter, is considered one of the crown jewels among Signa's Austrian real estate holdings and regularly attracts celebrities. / Picture: © Wikimedia Commons / Thomas Ledl / CC BY-SA 3.0 AT (https://creativecommons.org/licenses/by-sa/3.0/at/deed.en)
Despite the failed first attempt to sell, the deal could now become more attractive and easier to complete. According to information from “Die Presse,” the hotel's operating company, Am Hof 2 Hotelbetriebs GmbH, has been taken over by the insolvent Signa Prime Assets GmbH. This takeover was approved by the authorities on October 28.
This step enables Signa Prime's insolvency administrator, Norbert Abel, to sell the Park Hyatt property and hotel operations as a complete package. By bundling these assets, the sellers hope to achieve a higher price and a more attractive deal.
As a result of the comprehensive insolvency of the Signa Group in November 2023 and its subsidiary Signa Prime, the insolvency administrator is involved in the liquidation of assets in order to satisfy the numerous creditors.
New negotiations underway
According to “Presse,” negotiations for a sale are already underway with an Austrian and an Arab investor. Previously, the operating company belonged to Herkules Holding (formerly Laura Holding), which is now also insolvent. The ownership structure of this company was complex: it belonged, among others, to the Laura Private Foundation of the Benko family (42.1 percent) and Ameria Invest AG of the Arduin investor family (34.9 percent), as well as three other Signa investors. With the consolidation under Signa Prime, the way is now clear for a new, simplified “super deal.”