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Sign in Sign up for a FREE subscriptionProprium sells 35% stake in Motel One to majority shareholder One Hotels & Resort for €1.25b
Proprium Capital Partners, the real estate private equity firm, has sold 35 percent stake in Motel One Group, an European affordable design hotel company, to the majority shareholder One Hotels & Resorts GmbH (OHR), led by founder Dieter Müller, for a purchase price of €1.25 billion ($1.36 billion).
Principals of Proprium have been active minority shareholders in Motel One over the past 17 years. They acquired the 35 percent stake as part of a €65 million investment in 2007 — Motel One’s last capital increase. Proprium recapitalized the investment in 2019. The sale price values the company at an enterprise value of €4.1 billion ($4.45 billion) and a 2023 EBITDA valuation multiple of 14 times. Including dividends, the sale price implies a multiple on invested equity of more than 20 for the original investors, making this an extremely successful real estate private equity transaction.
Since its foundation by Müller in 2000, Motel One has been a pioneer an
