Covivio, a European real estate operator, completed the acquisition of eight luxury hotels of The Dedica Anthology, a luxury hotel chain, from Varde Partners, a global alternative investment firm, for $669m. "The luxury hotel industry is changing rapidly in response to evolving customer preferences and increasing demand from travellers with a more millennial mind-set. Our investment strategy, including a major renovation programme across the portfolio, is designed to capture the full potential of our collection of iconic hotels. We have enjoyed an excellent relationship with Värde Partners and look forward to the future as the portfolio embarks on an exciting new phase of its journey," Stephen Alden, The Dedica Anthology CEO.