Investment platform BC Partners Real Estate and property management company Hova Hospitality have acquired 30 hotels in Germany from AccorInvest.
The 30 hotels included in the deal have a total of 2,308 rooms across various German cities.
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B&B HOTELS will manage these hotels under long-term, consumer price index-linked leases.
The acquired hotels will be subject to a comprehensive refurbishment programme, focusing on energy efficiency improvements.
This acquisition was facilitated by legal and financial advisers, including Greenberg Traurig, Ernst & Young, and Gleeds for BC Partners Real Estate and Hova Hospitality.
B&B HOTELS received counsel from Freshfields Bruckhaus Deringer, Kucera, Hogan Lovells, and PwC.
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By GlobalDataFinancial details of the transaction remain undisclosed.
Commenting on the benefits of the transaction, B&B HOTELS CEO Central & Northern Europe Arno Schwalie noted: “This acquisition marks a significant milestone in the strategic development of B&B HOTELS, by completing a complex, multi-asset transaction together with our partners BC Partners Real Estate and Hova Hospitality.
“The new locations will enable us to expand our position as a leading provider in the value-for-money segment. Our focus is on ensuring long-term success through targeted modernisation and sustainable investments and offering our guests the best value.”
Hova Hospitality chairman Dominique Ozanne also expressed enthusiasm about the partnership, stating: “We are delighted to complete our first transaction with BC Partners Real Estate and to strengthen our partnership with B&B HOTELS.
“Following this acquisition, we will have 120 B&B Hotels under management. In total, we will achieve assets under management of €2.5bn with a portfolio of 200 hotels in nine countries.”
Meanwhile, Covivio and AccorInvest entered an agreement earlier this year to consolidate their jointly owned hotel operating and property companies.
The memorandum of understanding signed in this regard involves Covivio Hotels acquiring 24 hotel operating companies in exchange for transferring ten other hotel property companies to AccorInvest.
