The French acquisition and asset management company has partnered with BC Partners Real Estate to sign the acquisition of 30 hotels in Germany which will be operated under B&B HOTELS brand.
Cover picture made with DALL. E
After PERIAL AM and Primonial, the Hova Hospitality team worked with BC Partner Real Estate to acquire a 30 hotels portfolio. The company has already invested in France, Germany, the UK, Spain and Italy. It currently has over €40 billion in assets under management across private equity, private debt, and real estate strategies.
Dominique Ozanne, Chairman of Hova Hospitality: "We are delighted to complete our first transaction with BC Partners Real Estate and to strengthen our partnership with B&B HOTELS. Following this acquisition, we will have 120 B&B Hotels under management. In total we will achieve assets under management of €2.5 billion with a portfolio of 200 hotels in 9 countries.”
The 30 hotels of the portfolio will undergo a major refurbishment program, notably in energy efficiency, before reopening under B&B HOTELS brand.
Thibault Laupretre, Partner at BC Partners Real Estate: "This major transaction is part of our drive to increase our exposure to the hotel market in Europe. After Edgar Suites, we are continuing to invest in this sector alongside our industry-leading partners, B&B HOTELS and Hova Hospitality. The investment also represents a further attractive addition to our portfolio in Germany, where we continue to identify attractive opportunities across sectors."
The partnership is settled around long-term, CPI-linked leases and allows B&B HOTELS to strengthen its position on the German market.
Arno Schwalie, CEO Central & Northern Europe of B&B HOTELS: “This acquisition marks a significant milestone in the strategic development of B&B HOTELS, by completing a complex, multi-asset transaction together with our partners BC Partners Real Estate and Hova Hospitality. The new locations will enable us to expand our position as a leading provider in the value-for-money segment. Our focus is on ensuring long-term success through targeted modernization and sustainable investments and offering our guests the best value.“
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