Finally a Decision on Six of the JJW Portfolio in France
Main Photo: The Hotel Le Balzac, the flagship of what was JJW in France, which houses the three michelin-star Pierre Gagnaire restaurant
Date: July 2021
Locations: Paris, Cannes and Goussainvile, France
Names: The Hotel Le Balzac, JJW Luxury Vigny, Amarante Cannes, Median Roissy CDG and two others
Number of Keys: TBA
Seller: The receivers acting for the JJW Portfolio of 9 hotels, Thevenot Partners
Buyer: Olivier Bertrand, the number two (fast food) restaurant group in France makes a breakthrough in the Parisian hotel industry. They have taken over 6 establishments of the JJW group in France, including two 5-star hotels and two other 4-stars located in Paris. The founding boss of the eponymous group would invest more than €150m in the operation with the planned renovation work.
Olivier Bertrand already owns two luxury hotels in the capital: the Saint James Paris, located in the very chic 16th arrondissement, and the Relais Christine, located on the Left Bank.
Already at the head of the second group of French commercial catering , behind McDonald France, Olivier Bertrand is also pushing the fires in the hotel industry. The boss of the eponymous catering group, better known by its chains Hippopotamus, Léon, Burger King, Quick or Au Bureau but also its large Parisian brasseries, Lipp, La Coupole, Le Procope, Vaudeville, makes a breakthrough in the hotel industry of Parisian prestige. Thanks to the sale, decided on Friday by the Paris Commercial Court, of most of the French properties of the JJW hotel group of multi-nationality Sheikh Al Jaber.
The sale is for the four hotels in Paris, as well as a 4 star in Cannes and a three star under the Median brand in Goussainville (Val d’Oise). An amount of €120 million is advanced for this buyout, but not confirmed by the Bertrand group, for a global offer of € 175.5 million which includes two partners: the Branellec family (Oceania Hotels) and Jean-Claude Lavorel, the head of 11 hotels in France. Renovation work worth around 40 M € is planned.
Price: Around: €175m
Price per Key: TBA
THPT Comment: The Australian-Saudi (!) billionaire with more business lives than the proverbial cat…has been ducking and diving with his 70-odd hotel business in France, Portugal and other European countries. From receivership in June 2020, he has managed to hang in there, until a year later these six hotels have finally been wrested from his control.
First Seen: Les Echos
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