Blackstone sells French economy hotel portfolio
Blackstone has sold the Simply Hotels Group to Mata Capital.
The group consists of 45 budget and economy hotels, a total of 3,286 guestrooms, mainly operated by the brands Kyriad, Ibis Style, Campanile and Première Classe and located in key French cities including Paris, Nice, Lyon and Marseille, as well as regional business and leisure hubs.
The purchaser has planned a significant investment program in the renovation and market positioning of the portfolio.
The deal represents the largest portfolio transaction in France in 2017.