Private equity firm BC Partners Real Estate and asset manager Hova Hospitality have bought 30 Ibis hotels in Germany from AccorInvest and leased them to B&B.
The properties are located in A and B cities in western Germany and have 2,308 rooms combined. The new owners will modernise the properties and improve their energy efficiency.
No financial details were disclosed. The portfolio was put on the market last year with a €130 million guide price. Market sources told Thomas Daily, a CoStar News publication, that the portfolio sold for substantially less than that.
The purchase was financed by Société Générale. JLL advised the seller.
Following the purchase, BC Partners European Real Estate I fund, which raised €900 million, is three-quarters invested, said managing director Konrad Stoebe.