Locations: Central Paris, Roissy CDG, Lyon, Cannes, Sainte Maxim – France
Name: The Hotels were Part of JJW France in Three Brands
Guide Price: TBA – a figure has been given to THPT
No. of Keys: 790
The Opportunity: This mix of three, four and five star hotels, well located, acquired by JJW over the past 20 years, have sadly given up the ghost and JJW France was put into receivership in June 2020. JJW is the hotel vehicle of the colourful Australian-Saudi billionaire, Mohamed Bin Issa Al Jaber
From a press report by Le Point, dating back to February 2020: The prosecution will request, this Monday, February 10, 2020, before the Paris Commercial Court , the opening of judicial liquidation proceedings against the four French companies of the hotel group owned Mohamed Bin Issa Al Jaber.
This includes the company JJW Luxury Hotels, owner of several luxury establishments located in the golden triangle of Paris, in particular the hotel Le Balzac, which houses the three-star restaurant of Pierre Gagnaire (tenant of the premises), a stone’s throw away. Champs Elysées.
Noting that the cessation of payments by group companies (JJW Luxury Hotels, JJW France, Amarente and Median) is “indisputable” that they have accumulated new debts since the implementation of the safeguard plan decided on July 16, 2013, and considering that there is “no serious probability” that the commitments taken at the time are required, the public prosecutor considers, in a request that Le Point was able to consult, that their “recovery is manifestly impossible”. He therefore asks for the “resolution” (cancellation) of the safeguard plan adopted seven years ago and the placing in compulsory liquidation of the four companies.
The report goes on, with a right to reply from JJW…for the full report, call us at THPT.
The hotels are:
Five-star: JJW Luxury Balzac, 6 rue de Balzac, Paris 8 – 69 keys, JJW Luxury Vigny, next door at 9 rue de Balzac.
Four- Star: Amarante Beaumanoir (partially-owned), 6 rue de l’Arcade, Paris 8 – 60 keys, Amarante Champs Elysees, 19 rue Vernet, Paris 8 – 32 keys, Amarante Cannes, 78 bvd Carnot Cannes – 71 keys and Amarante Golf Plaza (leased), Sainte-Maxime – 94 keys.
Three-Star: Median Paris Congres, 6 bvd Douaumont, Paris 17 – 170 keys, Median Port de Versailles, 1 bvd Victor, Paris 15 – 130 keys, Median Roissy CDG Airport – 55 keys and Median Lyon Centre, 4 rue Prof. Calmette, Lyon – 72 keys.
Unaudited accounts for 2019 show a revenue of €2.145m and a loss of €1.721m (Median in profit)
Main Picture: The flagship Balzac Hotel in Paris VIII
Current Owners: In receivership
Flag and Management: Free to new owner
Financials: data available after signing a Confidentiality Agreement with the court-appointed administrators
Tenure: Mostly freeholds
Agent: Direct with the administrators. THPT would need to be retained by the bidder/buyer. Bids need to be in by January 25th, so need to move fast!
Guide Price: TBA – we do have a figure
Date Posted: January 2021
THPT Comment: Interesting opportunity to secure this mixed bag portfolio of hotels in Paris, Lyon & Cannes/Sainte Maxim.
Contact us for further information
This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.