Under HotelInvest, AccorHotels has announced the purchase of three hotel asset portfolios in Europe representing 29 hotels (3,677 rooms), for a total of approx $300 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 transformation of HotelInvest is continuing at a fast pace, with close to approximately $1.06 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 the group’s performance.”
The transactions are composed of the following:
A portfolio acquired from AXA Investment Managers—Real Assets, acting on behalf of its clients, for a total of approximately $60 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 approximately $162 million that comprise six hotels (1,347 rooms). Located in Germany, Italy, the Netherlands, and Austria, the hotels were operated under fixed and variable leases under the Novotel and Mercure brands.
A portfolio purchased from Deutsche AWM for approximately $81 million. This portfolio comprises four Novotel hotels (818 rooms) located in Madrid, Barcelona, and Seville, which were operated under fixed leases prior to the acquisition.
The first two purchases are scheduled to be finalized during the first half of 2016 and are subject to the usual conditions for this type of transaction, including substitution clauses for the buyer, enabling HotelInvest to integrate the hotels directly into its dynamic asset management program. The transaction with Deutsche AWM was finalized on Nov. 27.
