Hova Hospitality continues to grow and expand its geographical footprint. After three assets, including Club Med Gregolimano and B&B Lillenium in July, three new assets have been added to the group's acquistions, bringing the total investment to €310 million by 2022.
"The performance of the hotel sector has been very good since March 2022. Investors are still willing to invest in these assets." Underlines Dominique Ozanne, President of Hova Hospitality.
After two assets more oriented towards the leisure clientele, the group continues its growth with the purchase of two mixed corporate assets and one more leisure oriented asset. These choices were made primarily for the profitability of the properties, which are carefully selected by the Hova Hospitality team.
"Our objective is to manage a portfolio of assets with good profitability and EBITDA margins above 30% in the short and mid-term. To achieve this, we pay close attention to the operational performance of the lessees we decide to work with.
Of the 7 assets acquired since the beginning of the year, we have chosen operators that are profitable. Club Med, StayCity and B&B are successful operators whose work adds value to our assets." Adds Dominique Ozanne.
Asset profile of the group's acqusitions
- Staycity aparthotel, 340 keys in the heart of Dublin with a 25 year lease. An acquisition made on behalf of Primonial REIM France's Primofamily vehicle for €38m.
- 5* Alma Jesolo Ressort & Spa, 197 rooms near Venice leased for 17 years to HNH. The manager operates 14 properties in Italy, mainly for leisure customers. A works programme is being set up to increase the asset's profitability. The €36 million investment was made on behalf of a fund managed by Perial Asset Management.
- B&B Hôtel Evian, 86 rooms which remain under lease for 11 years from the French economy hotel operator. A €7m acquisition on behalf of a fund managed by THEOREIM.
The Hova Hospitality acquisitions in 2022