Joa, a French casino company owned by Blackstone and Kings Park Capital, has sold the Pullman Cannes Mandelieu Royal Casino for an undisclosed amount to Poseidon Hospitality – an entity owned by Luminare and Unik Group.
The 4-star hotel featuring 213 keys was built in 1981 and is one of the only hotels of this size in Cannes with direct access to the beach. It includes food and beverage offering, conference facilities (19 meeting rooms and a divisible 700 m2 seminar room), fitness room, outdoor pool and solarium, and other amenities.
Sami Mendil, head of Hotel Investment Properties, France at CBRE, which advised on the sale, said: ‘We are very pleased to have been able to complete this transaction in a complex context and to have made it possible to secure a favourable exit and a bright future for the hotel.’
The sale reflects the interest of investors in large-scale hotels with repositioning potential. Poseidon Hospitality will present its plans for the hotel in the coming weeks. Joa will continue its operation of the casino.
Laurent Lassiaz, CEO at Joa Group, said: ‘The sale of the Pullman Hotel in Cannes Mandelieu marks the beginning of a superb development project for this unique site. With the future relocation of the casino within the new project, in a larger space, we plan to transform this venue into a flagship casino of the French Riviera, in addition to the complete renovation of its neighbour, the JOA Casino in Antibes La Siesta.’
