JER Partners (JER), the US-based private equity real estate investor, has announced the sale of its 50% stake in the Marriot Courtyard hotel in Paris. The 242-room, four-star hotel is located in the Neuilly-sur-Seine of the French capital. The buyer and the financial details of the sale were not disclosed.
JER Partners (JER), the US-based private equity real estate investor, has announced the sale of its 50% stake in the Marriot Courtyard hotel in Paris. The 242-room, four-star hotel is located in the Neuilly-sur-Seine of the French capital. The buyer and the financial details of the sale were not disclosed.
JER purchased its share of the hotel in December 2004 to increase value through improved asset management and benefit from the expected recovery of the Paris hotel market through a six-year business plan. 'Given the excellent recent trading performance of the asset and current strength of the sector however, JER has taken advantage of an opportunity to maximise returns on this investment early,' the company said in a statement.
The news comes days after the Royal Bank of Scotland (RBS) agreed to sell 47 hotels operated in the UK by the Marriot chain to a group of investors led by Israel's Delek Belron International for EUR 1.6 bn.
In late December, JER Partners acquired 50% of the Manotel hotel chain in Switzerland from the Swiss investment firm Finial Holding in a deal that valued the chain at EUR 124 mln. Manotel has six three- and four-star hotels in the city center of Geneva.
