Real estate investment company Eurazeo Real Estate is in exclusive talks to sell most of its 70% owned hotel subsidiary Grape Hospitality's French properties.
The buyer is a consortium consisting of a hotel operator and a real estate fund.
The 23 hotels make up the bulk of Grape Hospitality's budget-friendly portfolio. Grape Hospitality manages over 10,000 hotel rooms across seven European countries, with 85 hotels they own and operate directly, and another 22 under franchise agreements.
The sale is expected to close by year-end and bring in a premium of 15% over the value listed for the hotels in Eurazeo's records at the end of 2023. This translates to roughly €35 million added to Eurazeo's finances, though the final amount might change slightly based on final accounting.
Source: propertyeu.info on the 7th of June