Perial Asset Management Buys Portfolio of Nine Spanish Hotels For €58m
Main Photo: B&B Albacete, one of the nine hotels sold
Date: January 2022
Name: The hotels are operated by B&B Hotels
Locations: Across Spain including Figueres, Mollet del Valles, Albacete and Cartagena
Number of Keys: Eight of the properties have around 100 rooms, with one having 200 rooms.
Seller: Acquired by Goldman Sachs investment fund in 2019, GRUPO B&B HOTELS is the leading and fastest growing independent hotel chain in the Budget & Economy sector.
Buyer: PERIAL Asset Management – SCPI PF Hospitalité Europe
Paris-based PERIAL Asset Management has acquired a portfolio of nine hotels in Spain for one of its associated property funds. The deal reportedly totalled €58.4 million. The deal is be executed in two stages: a first acquisition phase involving five hotels signed on December 17 for €25 million and a second involving the other four hotels, scheduled for May 2022 for €33.4 million.
Located in several Spanish metropolitan and coastal towns, 8 hotels each have around 100 rooms. The 9th hotel has 200 rooms. They are all located in prime locations, close to shopping areas and to major roads and airports.
The assets are managed by the operator B&B Hotels and benefit from a lease with a residual firm term of 11 years.
These acquisitions are part of the real estate strategy of the SCPI PF Hospitalité Europe and allow it to develop its portfolio, until now mainly composed of managed residences.
B&B Hotels, is an independent hotel chain leader in the budget & economy sector with more than 580 hotels, 52,000 rooms in 14 countries, mainly in Europe. Recognized for its “Only For Everyone” concept, the brand offers professional and leisure customers a combination of comfort, design and quality services (24-hour reception, parking, connectivity, etc.) at an attractive price.
Majority-owned by the investment company Goldman Sachs since 2019, B&B HOTELS has demonstrated its resilience during the health crisis by notably putting in place a strict protocol to continue welcoming customers in complete safety. The brand also has strong growth ambitions by currently opening one new hotel per week on average.
After the acquisition of a senior residence, a clinic and a student residence, this fourth acquisition of the year 2021 allows the SCPI PF Hospitalité Europe portfolio to benefit from a long-term WALB of 10.6 year
“This transaction is fully in line with the strategy of our SCPI PF Hospitalité Europe, which targets real estate assets in European cities in the managed accommodation sector. We pay particular attention to the quality of operators such as B&B Hotels, which thanks to its “Budget & Economy for business tourism” positioning has demonstrated its resilience during the health crisis. » Says Stéphane Collange, Director of Investments at PERIAL Asset Management.
This transaction was carried out through BNP Paribas Real Estate. PERIAL Asset Management was advised in this transaction by Herbert Smith Freehills and Drees and Sommer.
Price: €58.4m
Price per Key: Around €65k
THPT Comment: Good buy for PERIAL, who were fairly active in 2021. They have been active in real estate for some 55 years, mainly in offices and commercial properties…this enhances their position in hotels
First Seen: Patrimoine 24
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