Private equity companies KKR, CVC and PAI Partners have tabled offers to purchase B&B Hotels from Goldman Sachs, The Times has reported.
In March this year, it emerged that Goldman Sachs was looking to offload the European budget hotel chain for €3.5 billion, with the price tag a significant increase from the 2019 purchase price of €1.9 billion. The company has now received proposals of between €3.2 billion and €33.3 billion.
New York-based KKR, French private equity company PAI Partners which sold B&B to Goldman in 2019, and Luxembourg-based CVC - which is also exploring a takeover of Hargreaves Lansdown – are among those who have put forward offers.
Why it matters
The competition and interest in B&B Hotels could only be a positive for the company’s expansion strategy which includes a plan to open 100 hotels in the UK by 2035. When Goldman Sachs bought B&B, the chain has 486 hotels in its portfolio. Fast forward to 2024 and that number has swelled to 770.