BNP Paribas Buys Club Med Alpe d’Huez
Main Photo: The Club Med Alpe d’Huez
Date: May 2022
Name: Club Med Alpe d’Huez
Location: French Alps, Huez, Grands Rousses Massif, Isere, France at 1,860 metres
Number of Keys: 442
Seller: Lagune, an investment vehicle managed by Luxembourg-based Batipart, created by Charles Ruggieri in 1988
Buyer: BNP Paribas, the asset will sit in its Accimmo Pierre SCPI, France’s equivalent of a REIT.
BNP Paribas has bought Club Med Alpe d’Huez for an undisclosed sum from Lagune, an investment vehicle managed by Luxembourg-based Batipart.
The asset will sit in its Accimmo Pierre SCPI, France’s equivalent of a REIT.
Operated by Club Med since its opening in the 1980s, the resort underwent a renovation and extension program in 2019 allowing the operator to upgrade the establishment, which now from 3 to 4 tridents, in line with Club Med’s global strategy. Capital investments totalled €87 million and the works were completed over a period of 18 months.
Located at an altitude of 1,860 meters and at the foot of the ski area, the asset offers 442 rooms over 38,400 m².
Accimmo Pierre is a fund which mainly invests in new or recent office buildings which meet current environmental standards, but which also diversifies its portfolio by investing in shops, warehouses, business premises and outdoor accommodation. Its assets are mainly based in Paris and the Paris region and then in the major regional cities.
Claire Grandin, deputy director of investments at BNP Paribas REIM France, said: “This investment illustrates our belief in the resilience of mountain hotels in resorts with strong tourist appeal, both in winter and in summer. This acquisition is part of an objective to diversify the assets of the SCPI Accimmo Pierre in one of the major sectors of the French economy, with a high quality asset, completely restructured, certified BREEAM level Good and Green Globe and entirely let to a leading player that is sustainable.”
Batipart is a leading real estate investor in Europe – offices, residential buildings and shopping malls. Through Vacanceselect, Batipart is also developing its tourism-oriented strategy. Batipart launched it’s new hostelry investment platform in Europe ANAMA, after the acquisition in 2019 of six hotels in the city-centre and in Kirchberg, managed by Sofitel, Novotel and Mama Shelter located in Luxembourg
In Africa in 2009, Batipart took part in the creation of ONOMO, a new hotel group with the ambition of making ONOMO Hotels the leading pan-African hospitality platform in the 3* segment, by developing around twenty hotels in 12 countries. Through their Cogir Immobilier company in Canada they are also major players in senior living developments, with C$4.5bn investments.
Price: Undisclosed
THPT Comment: Ski resort hotels still finding buyers…Club Med always have been an assett-light management company/leaseholder. Good to see the sustainability angle holds true, at this height.
First Seen: Hospitality Insights
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email info@thpt.co.uk
