Henderson Park, the international private equity real estate firm, has acquired a portfolio of five Novotel Suites hotels in France in partnership with French asset management company Atream. The deal, completed through two separate transactions, includes 645 rooms across mid-scale hotels in key locations, including Paris, Lille and Cannes.
The acquisition involved purchasing hotel properties from French institutional investors and simultaneously transferring operations from the previous hotel operator. The hotels, built between 2000 and 2011, have delivered strong performance but suffered from underinvestment due to fragmented ownership structures, Henderson Park said in a release.
The portfolio consists of Paris – Issy-les-Moulineaux (128-room), Paris – Montreuil (166-room), Paris – Saint-Denis (101-room), Lille (126-room) and Cannes (124-room).
Accor will continue to manage the properties under new agreements.
“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 Henderson Park’s Head of Investments in Europe, Christophe Kuhbier.
The transaction offered a “rare opportunity to re-assemble the hotel operations and properties of a sizeable portfolio to capture immediate and future marriage value,” Kuhbier added.
Henderson Park will upgrade guest rooms and common areas, modernize technical equipment and improve energy efficiency to align with the Paris Agreement’s 2050 sustainability goals.
“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,” said Pascal Savary, Atream’s chairman. “This transaction is fully aligned with Atream’s strategy to establish itself as a leading hospitality partner and a key player in private equity.”
Henderson Park continues to expand its global hospitality footprint, now spanning over 11,000 rooms across the U.K., Greece, France, Ireland, Spain and the U.S.
France has the world’s highest number of international tourist arrivals, having welcomed 100 million international tourists in 2023, with Paris ranking among the top five global tourist destinations.
