B&B Hotels has acquired 22 hotels across nine regions in France from Eurazeo subsidiary, Grape Hospitality.
Located in the regions of Hauts-de-France, Provence-Alpes-Côte d'Azur, Nouvelle-Aquitaine, Occitanie, Auvergne-Rhône-Alpes, Île-de-France, Centre-Val de Loire, Grand Est and Pays de la Loire, the properties include the B&B HOTEL Vitry-sur-Seine, B&B HOTEL Marseille Bonneveine and B&B HOTEL Limoges 3.
This acquisition, which was made in collaboration with Swiss Life Asset Managers France, is a continuation of B&B expansion strategy to reach 600 hotels in France and adds a total of 1,797 rooms to its French portfolio. The company aims to launch nearly 50 new or acquired hotels across France, Switzerland and Belgium this year. The new additions bring its network to over 450 hotels in western Europe.
Grape Hospitality, majority-owned by Eurazeo with a 70 per cent stake, manages a portfolio of 85 hotels across seven European countries. The 22-hotel portfolio represents the largest part of Grape Hospitality's economy hotels, with the sale allowing the company to focus on the upper midscale and upscale segments across Europe.
What they said
Marine Charles, managing director of B&B Hotels Western Europe said: “The simultaneous opening of 22 hotels, perfectly complementary to our current network, is an important step for us. It fits in perfectly with our growth strategy, to achieve our ambition: to become the leader in the budget hotel market in France, while working to make stays more responsible, and offering our customers in all our hotels the essentials at the best price”
Pierre Larivière, partner – real estate at Eurazeo added: “This key transaction underpins our commitment to strategically reposition our portfolio company Grape Hospitality and enhance its focus on upper-midscale and upscale segments. By transitioning these 22 hotels to new ownership, we are not only optimizing our asset base but also crystallizing the value of the whole group.
Frédéric Josenhans, CEO of Grape Hospitality added: “The disposal of this 22 budget and economy hotels sub-portfolio in France marks a new milestone for Grape Hospitality. It completes a first value creation cycle for these hotels and allows Grape Hospitality to further refocus on transitioning towards the management of upper midscale and upscale hotels. The Group will accelerate its development in emerging new markets with high underlying growth, including through The People and Demeures de Campagne brands and concepts.”