Main Photo: The B&B Hotel Saint-Denis Porte de Paris
Date: December 2020
Locations: Meudon and Saint-Denis, Paris
Names: B&B Hôtel Paris Meudon Vélizy and The B&B Hôtel Saint-Denis Porte de Paris
No. of Keys: 135 and 134
Seller: Axe Promotion, an independent developer, in both heavy rehabilitation and new construction, on a wide range of products. After a first phase mainly oriented towards business real estate, the company diversified into residential, hotel and student residences. Alain Beynet and Alain Delaporte are the founders.
Buyer: On behalf of it’s SCPI PFO, Perial Asset Management has just acquired from Axe Promotion a portfolio of two hotel assets managed by the operator B&B Hotels. One is located in Meudon while the other is located in Saint-Denis, for a total amount of €22m.
B&B Hotels, an interesting group built up by Goldman Sachs, since it’s acquisition of the group in May 2019, from PAI Partners for €2bn, to some 500 plus hotels to eight countries in Europe, with 300 in France, 20 in Paris alone….and 136 in Germany and 44 in Italy.
The portfolio consists of the two hotels, which both benefit from a firm 12-year lease. The B&B Hôtel Saint-Denis Porte de Paris has 134 rooms and 61 parking spaces, while the B&B Hôtel Paris Meudon Vélizy has 135 rooms and 53 parking spaces. These hotels, each part of a mixed operation (hotel/residential), were developed and built by Axe Promotion as part of a Befa contract between the developer and the B&B Hotels group.
“This acquisition is perfectly in line with the SCPI PFO’s diversification strategy through alternative assets with a first-rate counterpart,” said Stéphane Collange, Investment Director of Perial Asset Management. “We have focused on the most resilient economic segment in the current context, geared more towards a domestic client base. The long firm duration of the operating leases also provides long-term visibility on the potential rental income of the SCPI PFO.”
In this transaction, Perial AM was assisted by the firm Oudot and Catella AM, AXE Promotion by the firm Aguesseau Notaires. The transaction was completed through Cushman & Wakefield Hospitality.
THPT Comment: Great news for this newly formed fund…and B&B moving forwards since it’s ownership by Goldman Sachs, just last year.
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