Angelo Gordon Buys Five French Hotels in a €181m Deal

Main Photo: The bedroom at the Holiday Inn Paris Saint Germain des Pres.

Date: June 2019

Location: Paris, Boulogne, Bougival and Roissy, France

Names: The Holiday Inn Paris Saint-Germain des Près, the Holiday Inn Paris – Notre Dame, the Courtyard Marriott Roissy near Charles de Gaulle Airport, the Courtyard Paris Boulogne and the Holiday Inn Hotel Paris Versailles.

No. of Keys: 814

Seller: Gecina, a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices. In line with its commitments to the community, Gecina has created a company foundation, which is focused on protecting the environment and supporting all forms of disability.

Gecina owns, manages and develops property holdings worth 19.3 billion euros at end-2018. As a specialist for centrality and uses, the Group is building its business around Europe’s leading office portfolio, with nearly 97% located in the Paris Region, and a diversification division with residential assets and student residences.

Buyer: US private equity firm, Angelo Gordon, headed up by Michael Gordon CEO and Josh Baumgarten, Head of Credit. The firm previously turned around the St Ermins hotel in London, which it sold in 2015.

Gecina (Paris:GFC) has signed a unilateral preliminary purchase agreement with Angelo Gordon, under which Angelo Gordon has made a commitment to acquire Gecina’s hotel portfolio for a valuation excluding duties of 181 million euros. This portfolio, comprising the premises and business of five hotels located in Paris, Boulogne, Bougival and Roissy, is from the Eurosic portfolio.

Subject to completion of the employee information-consultation procedure, this operation could be finalised by the end of the year. This operation is in line with the Group’s strategy to realign its business around its office and residential activities in the most central sectors of Paris and the Paris Region, and offers a premium of around 3.5% compared with the end-2018 appraisals.

Price: €181m

Price per Key: €222,359

THPT Comment: One man’s “non-strategic assets” is another’s hotel group!

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