France's Viveris REIM has signed an agreement to acquire a portfolio of 25 budget hotels in France for an undisclosed amount.
France's Viveris REIM has signed an agreement to acquire a portfolio of 25 budget hotels in France for an undisclosed amount.
The hotels are operated by Groupe Louvre Hôtels, the second largest hotel group in Europe.
'We have carried out extensive due diligence on the assets. This has validated our interest in the portfolio which offers good geographical diversification and exposure to a segment of the hotel market which has shown good resilience in the past years,' commented Fabrice ad Lombardo, partner and head of Structuring and Portfolio Management at Viveris REIM.
Closing of the deal is expected in late May.
The acquisition is being made through an OPCI fund invested by a number of French institutional investors. The company said it is studying further acquisitions in the hotel sector which are expected to lift the portfolio value to €150 mln.
