The company signed an agreement to acquire a portfolio worth 976 million euros in the United Kingdom.
Foncière des Régions had already acquired two premium portfolios in Germany and Spain. The company made an assessment at the beginning of the year and announced further progress, notably through a merger project with Beni Stabili, a subsidiary specialising in office real estate in Milan.
It is now the turn of the United Kingdom, the leading market in terms of hotel investments and the fourth tourist destination in Europe with 38 million tourists in 2017 (+4%), to become a flagship target for Foncière des Régions.
Through its subsidiary Foncière des Murs, dedicated to the hotel business, Foncière des Régions signed an agreement with Starwood Capital to acquire a portfolio of 14 hotels with 4 and 5 stars for a total of 2,638 rooms.
The properties will be located in the heart of British metropolises: nine are located in England (Birmingham, Leeds, Liverpool, London, Manchester, Oxford, Wotton and York), four are in Scotland (Edinburgh, Glasgow), and one in Wales (Cardiff).
Christophe KULLMANN, Directeur Général of Foncière de Régions, stresses that as a "resolutely European player that combines working, traveling, and living on a daily basis, Foncière des Régions is launching itself on a new market while consolidating its strategy: to select the best markets, surround ourselves with the best partners and use all of our skills and expertise to create value for all of our stakeholders."
For 13 of these hotels, the group has signed long-term leases with InterContinental Hotels Group, which, upon completion of the transaction, will reposition these hotels and operate them under several of its luxury and high-end brands.
- You will also like: #GLF18 | Investment / Renovation | Who invests, who pays?
This step thus confirms Foncière des Régions' desire to move up the range and diversify its hotel portfolio geographically. “With this operation, Foncière des Régions is consolidating its leading position in hotel investment in Europe," explains Dominique OZANNE, Deputy Directeur Général of Foncière des Régions.
Already signed up? Already signed up? Already signed up? Already registered? Login here!