SHERIDAN, WYOMING – Feb. 21, 2025 – Henderson Park, the international private equity real estate firm, has announced the acquisition of five Novotel Suites hotels in France, partnering with French asset management company Atream. This strategic move significantly expands Henderson Park's hospitality footprint, adding 645 rooms across key locations including Paris, Lille, and Cannes. The deal, finalized through two separate transactions, involved the purchase of hotel properties from French institutional investors and a simultaneous transfer of operations from the previous operator.
Strategic Acquisition of Prime Hotel Properties
The acquired portfolio comprises five strategically located properties: Paris – Issy-les-Moulineaux (128-room), Paris – Montreuil (166-room), Paris – Saint-Denis (101-room), Lille (126-room), and Cannes (124-room). These hotels, constructed between 2000 and 2011, have demonstrated strong performance. However, according to a release from Henderson Park, they have suffered from underinvestment due to fragmented ownership structures, presenting a unique opportunity for revitalization.
Accor to Continue Management Under New Agreements
Accor, a leading global hospitality company, will continue to manage the properties under new agreements, ensuring a seamless transition and maintaining consistent service quality for guests.
Investment Rationale and Future Plans
"The hospitality sector continues to benefit from secular tailwinds with the number of travellers rising alongside visitor spend, having bounced back strongly since the COVID-19 pandemic. This acquisition adds to our European hotel portfolio, providing us with five well-located, income-producing hotels in compelling markets in France, which remains the world’s most popular destination for international visitors," said Christophe Kuhbier, Henderson Park’s Head of Investments in Europe.
Kuhbier further emphasized the strategic nature of the transaction, stating it offered a "rare opportunity to re-assemble the hotel operations and properties of a sizeable portfolio to capture immediate and future marriage value."
Henderson Park plans to invest in upgrading guest rooms and common areas, modernizing technical equipment, and improving energy efficiency. These enhancements align with the Paris Agreement’s 2050 sustainability goals, reflecting Henderson Park's commitment to responsible investment.
Atream's Perspective on the Partnership
Pascal Savary, Atream’s chairman, shared his perspective on the collaboration: "This acquisition highlights our commitment to managing and enhancing strategic hotel assets in France. As the operating partner and asset manager, we will leverage our expertise to modernize and reposition this portfolio, in an effort to optimize its appeal and performance. This transaction is fully aligned with Atream’s strategy to establish itself as a leading hospitality partner and a key player in private equity."
Expanding Global Hospitality Footprint
This acquisition further strengthens Henderson Park's growing global hospitality portfolio, which now encompasses over 11,000 rooms across the U.K., Greece, France, Ireland, Spain, and the U.S.
France: A Leading Tourist Destination
France holds the distinction of having the world’s highest number of international tourist arrivals. In 2023, the country welcomed 100 million international tourists, with Paris consistently ranking among the top five global tourist destinations. This makes France a highly attractive market for hospitality investments. The acquisition of these five Novotel Suites properties positions Henderson Park to capitalize on the continued growth and resilience of the French tourism sector. The strategic locations of the hotels in major cities like Paris, Lille, and Cannes further enhance their appeal to both business and leisure travelers.
Focus on Value Creation
Henderson Park's strategy for this acquisition centers around value creation through strategic enhancements and operational improvements. By modernizing the properties and aligning them with sustainability goals, Henderson Park aims to enhance the guest experience and maximize the long-term value of the portfolio. The partnership with Atream, a leading French asset management company, provides valuable local expertise and strengthens the execution of this strategy. The continued management by Accor ensures operational consistency and leverages their extensive network and brand recognition.
This acquisition represents a significant investment in the French hospitality market and underscores Henderson Park's confidence in the sector's long-term potential. The combination of prime locations, strategic enhancements, and experienced management positions these Novotel Suites properties for continued success in the dynamic French tourism landscape.
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