Henderson Park has acquired a portfolio of five hotels in France alongside asset management company Atream, a French tourism firm headquartered in Paris. The purchase was undertaken in two separate transactions comprising the acquisition, from French institutional investors, of the hotel properties historically operated via variable lease contracts and, simultaneously, the transfer of the operations by the hotel operator.
The portfolio comprises Paris – Issy-les-Moulineaux (128 rooms), Paris – Montreuil (166 rooms), Paris – Saint-Denis (101 rooms), Lille (126 rooms) and Cannes (124 rooms). The 645-room portfolio is composed of mid-scale hotels built between 2000 and 2011 and operated under the Novotel Suites brand, the select-service sub-brand of Novotel offering only double-double suites. While the hotels are in strong locations and have delivered robust operating performances, they have been historically underinvested due to the separate ownership structures,
