Time-Hôtels, part of La Financiere Patrimoniale d'Investissement group, has completed the acquisition of Compagnie Générale Hôtelière, the owner of a portfolio of nine hotels in France, French business newspaper Business Immo has reported. The financial details of the transaction were not disclosed. The portfolio, which was sold by Sopalia Compagnie Financière Holding, comprises around 600 hotel rooms located in the Ile-de-France region and its surroundings. The hotels are operated under the Campanile, Première Classe and Kyriad brands.
Time-Hôtels, part of La Financiere Patrimoniale d'Investissement group, has completed the acquisition of Compagnie Générale Hôtelière, the owner of a portfolio of nine hotels in France, French business newspaper Business Immo has reported. The financial details of the transaction were not disclosed. The portfolio, which was sold by Sopalia Compagnie Financière Holding, comprises around 600 hotel rooms located in the Ile-de-France region and its surroundings. The hotels are operated under the Campanile, Première Classe and Kyriad brands.
The operation, which was financed by bank CIN-Scalbert-Dupont of CIC Group, brings Time-Hôtels' hotel portfolio to a total of 52 properties generating a turnover of EUR 65 mln per annum. Law firm Thienot & Associés advised the seller. Lamartine Conseil and law firm Michelez et Associés acted for the buyer.
