Dynamique Hotels, the hotel investment company created by CB Richard Ellis Investors, said on Wednesday that it has acquired the Balladins de Sarcelles hotel in Sarcelles, in the northern outskirts of Paris, for an undisclosed amount. The property is 100th hotel acquired by Dynamique Hotels since the company was created two years ago.
Dynamique Hotels, the hotel investment company created by CB Richard Ellis Investors, said on Wednesday that it has acquired the Balladins de Sarcelles hotel in Sarcelles, in the northern outskirts of Paris, for an undisclosed amount. The property is 100th hotel acquired by Dynamique Hotels since the company was created two years ago.
Since the beginning of 2008, the company has purchased a total of nine Balladins hotels as well as two Campanile hotel asset in Belgium and France's Bordeaux-Merignac. The hotels are located in Arras, Aulnay-Garonor, Blois Sud, Calais, Les Mureaux, Muhouse-Bartenheim, Tours Nord and Tours Sud and Troyes. Dynamique said the deal is in line with its investment program launched in December 2006 aimed at purchasing assets providing valued-added opportunities.
In less than 15 months, Dynamqiue Hotels - which in February 2007 bought the Balladins hotel brand which counts more than 100 franchise properties - has become the fourth-largest hotel group in France, according to the latest research report issued by MKG Hospitality.
The company, headed by Jérôme Castelnau, has currently more than 10,860 hotel rooms, and a war chest of some EUR 500mln. Dynamique plans to get listed as a SIIC - the French version of real estate investment trusts - by the end of 2010.
