London-based private-equity firm Henderson Park has acquired five hotels in France for an undisclosed sum in a partnership with Paris-based management firm Atream.
The portfolio consists of 645 rooms, all “midscale hotels built between 2000 and 2011 that are operated under the Novotel Suites brand, the select-service sub-brand of Novotel offering only double-double suites,” according to a news release.
The deal, in two parts with French institutional investors acting under the umbrella of AccorInvest, comprises properties with variable lease contracts — the 166-room Novotel Suites Paris Montreuil Vincennes; the 128-room Novotel Suites Paris Issy les Moulineaux; the 126-room Novotel Suites Lille Europe; the 124-room Novotel Suites Cannes Centre, and the 101-room Novotel Suites Paris Stade de France.
Henderson Park said it now has a global hotel portfolio of approximately 11,000 rooms in the U.K., France, Greece, Ireland, Spain and the U.S.
According to CoStar, one of Henderson Park’s funds, the Real Estate Fund II, owns nine DoubleTree by Hilton hotels in the United Kingdom and one Hilton Garden Inn hotel in Dublin, as well as another piece of real estate in Berlin. The total value of that fund equals £2.1 billion ($2.65 billion).
Christophe Kuhbier, Henderson Park’s head of investments in Europe, said the “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.”
In October, Henderson Park sold the 548-room Grand Hyatt Athens to Hotel Investment Partners for €235 million. It bought the hotel in 2017 as the Ledra Marriott, which at the time had only 315 rooms.