Henderson Park has acquired a portfolio of five hotels in France alongside asset management company Atream.
The portfolio of midscale hotels comprises 645 rooms across three hotels in Paris, one in Lille and one in Cannes. The hotels are operated under the Novotel Suites brand and include the 128-room Paris – Issy-les-Moulineaux, the 166-room Paris – Montreuil, the 101-room Paris – Saint-Denis as well as the 126-room and 124-room hotels in Lille and Cannes respectively.
Henderson Park notes that while the hotels are in strong locations and have delivered robust operating performances, they have been historically underinvested. The private equity real estate firm plans to embark on a programme which will include upgrading bedrooms and guest-facing areas and modernising the hotels’ technical equipment to improve energy efficiency.
The hotels will continue to be managed by Accor.
Henderson Park’s portfolio now comprises over 11,000 rooms across the UK, Greece, France, Ireland, Spain and the US.
What they said
Christophe Kuhbier, head of Investments - Europe at Henderson Park said: “This acquisition adds to our European hotel portfolio, providing us with five well-located, income-producing hotels in compelling markets in France, which remains the world’s most popular destination for international visitors. We are pleased to start a partnership with Atream who will work closely with Henderson Park’s hospitality team to implement our investment plan on this portfolio.”
Pascal Savary, chairman at Atream added: “We are very proud to complete this transaction alongside Henderson Park. This acquisition highlights our commitment to managing and enhancing strategic hotel assets in France. As the operating partner and asset manager, we will leverage our expertise to modernize and reposition this portfolio, to optimize its appeal and performance. We look forward to working closely with Henderson Park and Accor to unlock the full potential of these properties.”