EURAZEO SE PARIS, JANUARY 27, 2016
EURAZEO PATRIMOINE IN EXCLUSIVE NEGOTIATIONS TO ACQUIRE A PORTFOLIO OF 85 HOTELS AND CREATE A DEDICATED HOTEL PLATFORMThe transaction covers a significant portfolio of 85 budget and mid-range hotels representing 9,125 rooms, most of which are located in France (in Greater Paris and the regions) and major European cities (8 countries). Eurazeo Patrimoine would acquire all the businesses and some of the premises from AccorHotels, the remaining premises being directly acquired from various real estate investors in lieu and place of AccorHotels.
The transaction represents an asset value of €504 million and an equity investment of approximately €150 million for Eurazeo Patrimoine, subject to a subsequent syndication.
The hotel investment company thus created would have the necessary resources to renovate the portfolio of hotels, which would all be AccorHotels franchises (Ibis, Ibis Budget, Ibis Styles, Mercure, Novotel, and Pullman). Other hotel portfolio acquisitions could then be contemplated under various brands.
Headed by a team of professionals, partly staffed by AccorHotels employees, the platform would also purchase other hotels or hotel portfolios with value creation potential. It would be co-owned by Eurazeo and AccorHotels, with respective stakes of 70% and 30%, There is also the possibility of a third institutional investor in the short term.
The transaction is subject to a consultation process with the AccorHotels employee representative bodies.
Renaud Haberkorn, Chief Investment Officer of Eurazeo Patrimoine stated: "A cross between real estate business lines and Eurazeo's transformation know-how, our second investment in just a few months symbolizes the strategy of Eurazeo Patrimoine. Over and above the investment in a hotel portfolio with significant added value potential, our ambition is to create a major hotel investment player in the European market."
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About Eurazeo
With a diversified portfolio of over 5 billion euros in assets, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its four business divisions - Eurazeo Capital, Eurazeo Croissance, Eurazeo PME and Eurazeo Patrimoine. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably either a majority or key shareholder in AccorHotels, Asmodee, Desigual, Elis, Europcar, Fintrax, Foncia, InVivo NSA and Moncler, and IES Synergy, Prêt d'Union, Vestiaire Collective and PeopleDoc through Eurazeo Croissance, as well as Dessange International, Léon de Bruxelles and Colisée through Eurazeo PME.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA
March 16, 2015 | 2015 annual results | |
Eurazeo financial timetable | May 12, 2016 | Q1 2016 revenue |
May 12, 2016 | Annual General Shareholders' Meeting |
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Eurazeo SA issued this content on 27 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 January 2016 17:48:25 UTC
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