French asset manager Perial has acquired a portfolio of nine Spanish hotel assets managed by operator B&B Hotels on behalf of the SCPI PF Hospitalité Europe for a price of €58 mln.
In a first phase of the acquisition, the company is taking over five hotels for €25 mln while in a second phase planned for May, Perial will be buy another four assets for €33 mln.
Located in several Spanish metropolises and coastal towns, the hotels provide a total of 1,000 rooms and benefit from a lease with a residual firm term of 11 years.
‘This transaction is fully in line with the strategy of our SCPI PF Hospitalité Europe, which targets real estate assets in European cities in the managed accommodation sector. We pay particular attention to the quality of operators such as B&B Hotels, which, thanks to its "Budget & Economy for business tourism" positioning, has demonstrated its resilience during the health crisis,’ said Stéphane Collange, director of Investments at Perial Asset Management.
This transaction was brokered by BNP Paribas Real Estate.
