PARIS—Under HotelInvest, AccorHotels has purchased three hotel asset portfolios in Europe representing 29 hotels (3,677 rooms), for a total of €284 million (roughly $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, COO of HotelInvest, Europe's leading hotel investor. "The transformation of HotelInvest is continuing at a fast pace, with close to €1 billion (roughly $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 first portfolio was acquired from AXA Investment Managers - Real Assets, acting on behalf of its clients, for a total of €56 million ($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 €152 million ($162 million) comprises 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.
The third portfolio was purchased from Deutsche AWM for €76 million ($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 asset management program. The transaction with Deutsche AWM was finalized on November 27, 2015.
