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PAI Partners takes over B&B Hôtels

The investment fund managed by Michel Paris has entered into exclusive negotiations with Carlyle to buy the French hotel group that is chaired by Georges Sampeur. The transaction should be for more than 800 million euros.

The investment fund PAI Partners a preempted the Chinese group Green Tree in the takeover of B&B Hôtels. It entered into exclusive negotiations with the majority shareholder of the French operator, Carlyle Group, to acquire B&B. The transaction would raise the operator's value to more than 800 million euros, whereas a large share of the hotel assets was ceded.

On this occasion, another shareholder of the group, the fund Montefiore will take advantage of the transaction to exit the capital. on the other hand, the management, including Georges Sampeur, continues to hold a symbolic share in the group.

The fund, presided over by Michel Paris, will thus take over the 11th European hotel chain, according to ranking in terms of number of rooms published by MKG Hospitality each year. As of January 1, 2015, B&B Hôtels had a portfolio of 322 hotels in six European countries (232 in France, 71 in Germany, 19 in Italy and the first implantations in Poland, the Czech Republic, Spain and Morocco), for some 26,345 rooms. Georges Sampeur, chairman of the board, had forecast the group's continued growth , with a branded business volume of 320 million euros, up by 12%. PAI Partners shared its intention to continue investments in the growth of the Brest operator by accelerating the opening rate of hotels in Europe and internationally. It had already hoped  to open a property in Brazil.

B&B Hôtels had been on the market for several months. Last July, Carlyle had mandated the bank Morgan Stanley to prepare its exit with the sale or stock market listing of the 80% it owns. the last sale dates back to September 2010 when Eurazeo sold to Carlyle, which paid 184 million euros cash and took over debt for close to 300 million euros in debts. It was thus able to more than double its initial investment.

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