The American bank is selling 29 renovated hotels (3,350 rooms) in Europe.
The New York firm is looking for buyers to take over part of a portfolio of hotels purchased in 2015, located in Germany and the Netherlands according to Bloomberg.
Following this purchase, Blackstone is said to have invested several million euros to renovate these properties - rooms and common areas - in order to increase the average daily rates of the hotels. According to some sources, the American bank hopes to earn a sum of around 400 million euros through this transaction.
18 of these properties would be in Germany and 11 in the Netherlands, markets that have performed very well in recent years:
- In Germany, occupancy rates stagnate at levels above 70% and average rates rose +1.3% between 2016 and 2017. The market is attracting chains, which increased their supply by 4.4% in 2017.
- In the Netherlands, occupancy rates and average daily rates continue to rise sharply, while they are already at very high levels. Corporate chain supply up only +1% due to a decline in the upscale segment as chains focus on major cities and withdraw from some non-urban properties
To learn about the supply and performance of these markets at the national level and for certain agglomerations, consult our European Hospitality Report.