from EURAZEO (EPA:RF)
EURAZEO ANNOUNCES THE SALE OF 22 HOTELS BY GRAPE HOSPITALITY
EURAZEO ANNOUNCES THE SALE OF 22 HOTELS BY GRAPE HOSPITALITY
Paris, October 1, 2024
Among the Real Estate strategy, Eurazeo announces that its 70%-owned subsidiary, Grape Hospitality, has successfully sold a portfolio of 22 hotels located in France. This portfolio, representing the largest part of Grape Hospitality's economic hotels, has been acquired by a consortium formed by a hotel operator and a real estate investor.
This strategic operation marks a significant milestone in Grape Hospitality’s development, enabling the Group to further focus on the upper midscale and upscale segments across Europe.
This transaction also highlights Grape Hospitality’s and Eurazeo’s best-in-class operational expertise and asset management capabilities, crystallizing value for all stakeholders.
Founded in 2016, Grape Hospitality is a leading integrated hotel owner, operator and investor. Grape Hospitality owns and operates 85 hotels (including the 22 sold hotels) and manages 22 hotels for third parties, totaling more than 10,000 rooms across seven European countries through franchise agreements. This transaction aligns with Eurazeo Real Estate and the Group’s management strategy to transform and develop the portfolio through operational and real estate repositioning, while also diversifying into innovative segments.
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The disposal value represents a material premium on the portfolio’s value as recorded on Eurazeo's balance sheet as of 31 December 2023. Pro forma this transaction, Grape Hospitality has distributed c.75% of the total equity invested by its shareholders.
Pierre Larivière, Partner – Real Estate, Eurazeo, declared:
“This key transaction underpins our commitment to strategically reposition our portfolio company Grape Hospitality and enhance its focus on uppermidscale and upscale segments. By transitioning these 22 hotels to new ownership, we are not only optimizing our asset base but also crystallizing the value of the whole Group. This move aligns with our long-term strategic plan to drive sustained growth and value, supported by Grape Hospitality management’s proven expertise and unique know-how. It also reaffirms the operational excellence and real estate expertise of our team at Eurazeo.”
Frédéric Josenhans, CEO – Grape Hospitality, added:
“The disposal of this 22 budget and economy hotels sub-portfolio in France marks a new milestone for Grape Hospitality, eight years after its creation. It completes a first value creation cycle for these hotels and allows Grape Hospitality to further refocus on transitioning towards the management of upper midscale and upscale hotels where customer services are highly value-
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generative, leveraging on our strong operational expertise. The Group will also accelerate its development in emerging new markets with high underlying growth, including through The People and Demeures de Campagne brands and concepts. I warmly congratulate our teams who are committed to the development of customer satisfaction, revenue growth, CSR transformation and financial performance. This transaction opens up new perspectives for the Group and we thank our shareholders Eurazeo and AccorInvest for their continuous support since 2016.”
ABOUT EURAZEO
• Eurazeo is a leading European investment group with €35.4bn in diversified assets under management, including €25bn on behalf of institutional and private clients through its private equity, private debt, real estate and infrastructure strategies. The Group supports more than 600 mid-market companies, leveraging the commitment of its 400 employees, its sector expertise, its privileged access to global markets via 13 offices in Europe, Asia and the United States, and its responsible approach to value creation based on growth. The company's institutional and family shareholding structure, and its solid financial structure, ensure its long-term viability.
• Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore, Tokyo and Sao Paulo.
• Eurazeo is listed on Euronext Paris.
• ISIN : FR000121121 - Bloomberg : RF FP - Reuters : EURA.PA.
EURAZEO CONTACT EURAZEO PRESS CONTACT
Coralie Savin Mael Evin (France)
GROUP CHIEF COMMUNICATIONS OFFICER HAVAS
csavin@eurazeo.com mael.evin@havas.com +33 (0)6 86 89 57 48 +33 (0)6 44 12 14 91
Pierre Bernardin David Sturken (UK)
MANAGING DIRECTOR – HEAD OF H/ADVISORS MAITLAND
INVESTOR RELATIONS david.sturken@h-advisors.global
+44 (0) 7990 595 913 ir@eurazeo.com
+33 (0)1 44 15 01 11 GRAPE HOSPITALITY
PRESS CONTACT
Sarah Gilardeau
JIN sgilardeau@jin.fr
+33 (0)7 60 34 16 71
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