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AccorHotels buys three hotel asset portfolios in Europe

  • Published by Ozgur Tore

accorhotels15AccorHotels announces the purchase of three hotel asset portfolios in Europe representing 29 hotels (3,677 rooms), for a total of €284 million. "Following the recent acquisition of 43 hotels from Foncière des Régions, these transactions once again demonstrate HotelInvest's expertise in dynamically managing its real estate assets", said John Ozinga, Chief Operating Officer of HotelInvest, Europe's leading hotel investor.

The transactions are composed of:

  • A portfolio acquired from AXA Investment Managers – Real Assets, acting on behalf of its clients, for a total of €56 million. The portfolio comprises 19 hotels in France (1,512 rooms) that have been operated under variable leases by AccorHotels since 2008, under the ibis budget, ibis, Novotel and Mercure brands.
  • A portfolio purchased from Invesco for €152 million which comprises six hotels (1,347 rooms). Located in Germany (2), Italy (2), the Netherlands (1) and Austria (1), the hotels were operated under fixed and variable leases under the Novotel and Mercure brands.
  • A portfolio purchased from Deutsche AWM for €76 million. This portfolio comprises four Novotel hotels (818 rooms) located in Madrid (2), Barcelona (1) and Seville (1), which were operated under fixed leases prior to the acquisition.

The two first deals are scheduled to be finalized during first-half 2016 and are subject to the usual conditions for this type of transaction. They include substitution clauses for the buyer, enabling HotelInvest to integrate the hotels directly into its dynamic asset management program. The transaction with Deutsche AWM has been finalized on November 27, 2015.

"The transformation of HotelInvest is continuing at a fast pace, with close to €1.0 billion worth of real-estate transactions secured in 2015. We are on track with our roadmap and with the completion of our three-year plan to significantly increase Group’s performance," added John Ozinga.

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