France’s Atream in €73m Belgian Hotel Purchase for Fund

Main Photo: The Park Inn Gottingen, an Atream Hotel acquired in 2018

Date: June 2019

Location: 6 hotels across Belgium, leased to Martins Hotels (14 hotels in Belgium) and Different Hotels  (10 hotels across Belgium)

Names: TBA

No. of Keys: 544

Seller: TBA

Buyer: Paris-based independent asset manager Atream has finalised a portfolio purchase of six hotels in Belgium for €73m on behalf of its hospitality fund, SCPI Atream Hotels.

Spread across the Flemish territory, the portfolio consists of 3- and 4-Star assets with 544 rooms in all. The hotels are located in the heart of five Belgian cities, including Bruges and Leuven. All assets are leased by two operators: the Martins Hotels and Different Hotels.

The assets in aggregate have a residual average remaining term of around 24 years, thus increasing the average lease term of the SCPI to 19 years from the current 13, a release said. Atream Hotels is a French open-ended SCPI vehicle aimed at building rental property assets in the tourism sector in France and Europe.

This new operation, which doubles the size of the fund to €150m, is part of Atream Hotels’ investment strategy and strengthens its pan-European positioning, the firm said. “The assets operated over the long term by quality operators support the sustainability of the revenues of current and future partners of the SCPI.”

Atream President Pascal Savary noted that the contribution of tourism to Belgian GDP amounted to 5.3% or €24bn last year in a sector that provides 274,000 jobs. “The hotel sector is particularly driven by the presence of the main institutions of the European Union, numerous companies and diplomatic buildings.”

He added; “In the coming months, we will pursue the investment strategy of the SCPI Atream Hotels, positioning ourselves on hotel assets leased by long-term reference operators and in markets where the tourism industry contributes fully to growth.”

Price: €73m

Price per Key: €134,191

THPT Comment: Great price for Atream…still trying to discover who the seller was.

First Seen: Business Immo

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