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A portfolio of five French and Dutch luxury hotels could be put up for sale for more than €500m following a strategic review.
The owners of the hotels — a consortium comprising Goldman Sachs’ Whitehall funds, Gencom and Highgate — have appointed HVS Hodges Ward Elliott to undertake the review of the assets.
The hotels include the 97-bedroom Renaissance Paris Vendome, the 757-bedroom Paris Marriott Rive Gauche, the 327-bedroom Renaissance Paris La Defense, the 150-bedroom Courtyard Paris Defense West and the 402-bedroom Renaissance Amsterdam.
The Paris Marriott Rive Gauche hotel alone is thought to be worth around €185m if it is brought to the market.
The investors joined forces in early 2006 to form Gengate Europe and started to build up the portfolio of four and five-star hotels. Goldman’s Whitehall funds own most of the portfolio.
Gengate Europe has been overseeing a €40m investment programme across the portfolio to enhance the assets’ growth prospects. It is understood that the review into the hotels, which is widely expected to result in a sale, comes on the back of the increasing strength of the French hotel market, and after the launch of several high-profile sales this autumn.
Research group STR Global says Paris has been one of the most rapidly improving hotel markets in Europe in the last 18 months. In the year to August 2011, revenue per available room in the French capital has grown by 16.8%.
Earlier this month Starman Hotels revealed it is considering the sale of its Le Méridien Etoile Hotel in Paris — the largest hotel in France — for €350m. CBRE Hotels has been appointed to advise on the prospective sale of the 1,025-bedroom hotel in the heart of the French capital, after Starman received several unsolicited bids.
Last month (30.09.11) Property Week revealed that Starwood Capital is preparing to sell eight luxury continental hotels, in France, Switzerland and Germany — including the Hotel Martinez on La Croisette in Cannes — for around €900m.
Goldman’s Whitehall funds — with Westmont Hospitality Group — also wants to sell a portfolio of 20 German Queens Moat House-branded hotels for more than €300m.
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