Perial Asset Management bets on Spanish. The French firm has acquired a portfolio of nine hotels that will be managed by the operator B&B Hotels on behalf of its PF Hospitalité Europe SCPI under an 11-year lease agreement. The operation has been closed for 58.4 million euros.
The real estate services consultancy has explained that the operation has been carried out in two phases: a first phase of acquisition of five hotels, signed on December 17 of last year (25 million euros), and a second phase of another four hotels, scheduled for May 2022 (33.4 million euros).
This operation was carried out through BNP Paribas Real Estate. For its part, Perial Asset Management was advised in this transaction by étoile Properties, Herbert Smith Freehills and Drees and Sommer.
The portfolio is made up of nine hotels located in different Spanish cities and coastal towns, eight of which have about 100 rooms each, while the ninth has 200. In turn, the establishments are located in “privileged places”, close to shopping areas, highways and airports.
For the director of Investments of Perial Asset Management, Stéphane Collange, this operation fully responds to the strategy of his SCPI PF Hospitalité Europe, which focuses on real estate assets in European cities in the managed accommodation sector. “We pay special attention to the quality of operators such as B & B Hotels which, thanks to its “Budget & Economy” positioning for business, has shown its resistance during the health crisis”, he added.
B&B Hotels, whose main shareholder since 2019 is Goldman Sachs, is an independent hotel chain in the ‘budget & economy’ sector, with more than 580 hotels and 50,000 rooms in 14 countries, mainly in Europe.
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