Beni Stabili Hotel, a subsidiary of French property group Fonciere des Murs, said it has committed to the acquisition of six hotels in a transaction worth EUR 128 mln. The hotels - one in Rome, one in Turin and two each in Milan and Florence - are currently managed by the Metha group and operated under the Holiday Inn banner. The acquisition will take place over an 18-month period and be carried out through a real estate investment fund recently authorised by the Bank of Italy.
Beni Stabili Hotel, a subsidiary of French property group Fonciere des Murs, said it has committed to the acquisition of six hotels in a transaction worth EUR 128 mln. The hotels - one in Rome, one in Turin and two each in Milan and Florence - are currently managed by the Metha group and operated under the Holiday Inn banner. The acquisition will take place over an 18-month period and be carried out through a real estate investment fund recently authorised by the Bank of Italy.
Foncieres des Murs said the Italian hotel portfolio is expected to generate total annual rent of EUR 8 mln under leases with nine-year firm periods. The leases may be renewed once for another nine-year term and the portfolio enjoys a net yield of 6.25%.
Euronext-listed Foncieres des Murs is a SIIC, the French version of a real estate investment trust. The company is a subsidiary of Foncieres des Regions, which earlier this year acquired a controlling stake in Italian property company Beni Stabili.
Beni Stabili Hotels was set up in July to help Foncieres des Murs establish a presence in the Italian hotel sector. At end-2006, Foncieres des Murs owned 196 hotels in France and Belgium, making it one of the largest hotel owners in Europe. Aside from the hotel business Fonciere de Murs also specialises in investments in healthcare and leisure/restaurant sectors.
