BC Partners Real Estate and Hova Hospitality have announced today the acquisition of a portfolio of 30 hotels in Germany, in partnership with B&B HOTELS. The portfolio was sold by AccorInvest and comprises 2,308 rooms, located in various cities across Germany.
The hotels will undergo a major refurbishment program, including a comprehensive energy efficiency upgrade. The entire portfolio will be operated by B&B HOTELS via long-term, CPI-linked leases. The transaction shows the strong synergies between BC Partners Real Estate's active investment- and asset-management capabilities, Hova Hospitality's deep sector expertise and B&B HOTELS' operational and technical competence.
Konrad Stoebe, Managing Director 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."
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."
BC Partners Real Estate and Hova Hospitality were advised by Greenberg Traurig, Ernst & Young and Gleeds on the transaction.
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."
B&B HOTELS were advised by Freshfields Bruckhaus Deringer, Kucera, Hogan Lovells and PwC.
