Swiss Life Real Estate Investment Management has completed the acquisition of a portfolio of 26 budget hotels in France.
Swiss Life Real Estate Investment Management has completed the acquisition of a portfolio of 26 budget hotels in France.
Formerly Viveris REIM, Swiss Life REIM (France) purchased the assets for an undisclosed sum from LFPI on behalf of one of its club deal investment funds.
The assets are located in the North, Central, Southeast and Paris regions, close to highway infrastructures and located in medium and large sized urban areas. The portfolio consists of budget or economy class hotels operated by national and international brands, mainly from the Louvre Hotels group (Campanile, Première Classe, Kyriad).
'This is a rare opportunity in the market, in terms of portfolio size and quality of assets. We remain very active as we are already studying further acquisitions in the hotel sector,' said Johanna Capoani, fund manager and hotel specialist at Swiss Life REIM (France).
Founded in 2007 by Frédéric Bôl under the name Viveris REIM, Swiss Life REIM (France) is the subsidiary of the Swiss Life group for real estate asset management for third parties. It currently manages €4.5 bn of assets.
LFPI is a French alternative asset management company, with more than €3 bn under management.
