Eurazeo Real Estate’s 70%-owned subsidiary Grape Hospitality has entered into exclusive negotiations to sell a portfolio of 23 hotels located in France.
The 23 hotels - which represent the majority of Grape Hospitality’s economic portfolio – will be sold to a consortium formed by a hotel operator and a real estate fund.
This sale will allow the group to further refocus on the mid-range and upscale segments and to crystallize its asset enhancement work.
Established in 2016, Grape Hospitality currently owns and operates 85 hotels and also manages 22 hotels, totalling more than 10,000 rooms operated under franchise contracts across seven European countries.
This transaction is expected to be finalized by the end of the year and is expected to generate net proceeds of around €35m for Eurazeo’s balance sheet.
What they said
Pierre Larivière, managing director of Eurazeo - Real Estate said: “We are pleased to announce the expected sale of this portfolio, showcasing Grape Hospitality's assets’ high quality and strong appeal in a market with solid fundamentals. This transaction would demonstrate the operational and real estate expertise of Eurazeo and Grape Hospitality teams.”