French listed investment group Eurazeo said that it has entered into 'exclusive negotiations' with Carlyle to sell its B&B Hotel portfolio, valued at around EUR 485 mln. The company said that the talks will continue until the end of this week and could be extended if certain conditions with regard to the financing of the transaction are fulfilled.
French listed investment group Eurazeo said that it has entered into 'exclusive negotiations' with Carlyle to sell its B&B Hotel portfolio, valued at around EUR 485 mln. The company said that the talks will continue until the end of this week and could be extended if certain conditions with regard to the financing of the transaction are fulfilled.
The portfolio was bought by Eurazeo's real estate investment unit ANF in November 2007 for EUR 471 mln, including debt of around EUR 300 mln. The assets include around 180 hotels in France, Germany and Italy and were bought from B&B, France's third largest budget hotel group. B&B occupies the hotels with a lease running to 2020, renewable twice at the request of B&B. The company spent around EUR 58 mln in the past three years to renovate the assets.
With a portfolio of nearly EUR 4 bn, Eurazeo is one of the leading listed investment companies in Europe, with major stakes in hotel group Accor, ANF, APCOA, B&B Hotels, Elis, Europcar and Rexel.