Vivion - comment

The refurbishment of the Femina building is a bigger job than we have seen Vivion execute recently. However, the project is a significant one for Vivion, this is a refurbishment, not a rebuild, particularly with a client already signed up.

We estimate the work on the Femina Building will cost around €80m. Still, the specifications of the (unnamed) hotel brand are not public, so we may need to revisit this. The €69m paid for the stake will be the equity in the property, and banks will provide the €80m to complete the works in stages. 

Golden Partners (the Vivion-controlled vehicle used for the purchase) paid €69m for 89.9% of the Femina building => a valuation of €72m. The property covers 15,500 sqm => €4,600 per square metre or €252 per room (285 rooms). The 285-room configuration had 4 Stars, and the 5-star configuration may have less. The valuation of a 5-star hotel per room would be €750k or so => a total developed value of €187m (assuming 250 rooms). That would suggest a project size of around €80m (assuming a developer margin of 20%). The Ellington has been shut since 2023, and the vendor was the liquidator of Signa (the Austrian Real Estate group). 

The Femina building is the former Ellington Hotel, which is closed. SIGNA Real Estate bought the building in February 2023, intending to turn it into mixed office space, but entered bankruptcy very soon after, so the amount of work done will have been minimal.

https://vivion.eu/vivion-portfolio-update/

https://www.hospitality-interiors.net/news/reinventing-an-icon-the-ellington-hotel-is-becoming-the-femina-palace/ (Previous plans from SIGNA)