On January 27, 2016, Eurazeo Patrimoine announced that it had entered into exclusive negotiations with AccorHotels to acquire a portfolio of 85 hotels in Europe. Eurazeo Patrimoine plans to group these hotels within a newly created platform dedicated to the hotel business, known as Grape Hospitality. Eurazeo and AccorHotels would hold stakes of 70% and 30%, respectively.
The transaction represents an asset value of €504 million and an equity investment of approximately €150 million for Eurazeo Patrimoine, subject to a subsequent syndication.
The acquisition covers a significant portfolio of 85 budget and mid-range hotels representing 9,125 rooms, most of which are located in France (in Greater Paris and the regions) and major European cities (8 countries). Eurazeo Patrimoine would acquire all the businesses and some of the premises from AccorHotels, the remaining premises being directly acquired from various real estate investors in lieu and place of AccorHotels.
Grape Hospitality would have the necessary resources to renovate the portfolio of hotels, which would all be AccorHotels franchises (Ibis, Ibis Budget, Ibis Styles, Mercure, Novotel, and Pullman). Other hotel portfolio acquisitions could then be contemplated under various brands. Headed by a team of professionals, partly staffed by AccorHotels employees, the platform would also purchase other hotels or hotel portfolios with value creation potential.