Perseus Group obtains €93m Loan for French Hotels Via Cheyne Capital
Main Photo: The former Convent of the Visitation, acquired by Perseus in March 2021
Date: December 2021
Name: Perseus Hotels
Locations: These two: Nice and Paris, France…new projects planned in France, Italy, Greece and Portugal
Number of Keys:
Owner: Perseus Hotels, founded by Valery Grego
Funder: Cheyne Capital
Perseus Group has completed secured senior and mezzanine facilities totalling €93 million. The loans, from funds managed and advised by Cheyne Capital will be used to finance the conversion of the Hôtel du Couvent in Nice and refinance the existing debt of the Hotel Le Pigalle in Paris.
Hotel du Couvent is a 16th century former convent that is being transformed into a luxury hotel. Le Pigalle is a lifestyle 4* property.
The financing has enabled the successful exit of Platina International Perseus’s long-term investor, which has been supporting the group since 2011. Valéry Grégo, Perseus’s founder and CEO, becomes majority shareholder.
Valéry Grégo, Perseus’s founder and CEO, said: “2021 is a pivotal year for Perseus to secure these facilities, 10 years after the inception of Perseus. We are pleased to partner with Cheyne who have been instrumental in providing financing that suits Perseus’s long-term objectives of value creation, strategic vision and streamlined capital structure.”
Raphael Smadja, head of French real estate at Cheyne Capital, said: “While the hotel sector was severely hit by the COVID pandemic, we have seen a surge in demand since restrictions have eased and believe that under the careful management of the Perseus Group, both the Hotel Le Pigalle and Hotel du Couvent are well positioned to capitalise on this. We look forward to working with Valéry and his team in this venture.”
Cheyne Capital was founded in 2000 by Jonathan Lourie and Stuart Fiertz. Since then, the Cheyne team has grown and now encompasses over 160 professionals from a broad range of backgrounds and experiences, with US$4.1bn AUM. Besides their large residential portfolio, they were behind the Gansevoort deal on the ill-fated Curtain in London, and LOV hotel funding for a number of hotels in France and Belgium.
Platina and Perseus sold the five Hotels d’en Haut hotels to KSL in August 2019
Price: €93m
THPT Comment: Funding still out there, for the right sort of project and experienced operators…Well done both
First Seen: Hospitality Insights
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