Earlier in January, Henderson Park acquired PGA National Resort in Palm Beach Gardens, Florida
London private equity real estate Henderson Park and Atream, a Paris-based asset manager with a focus on the leisure sector, acquired five mid-range hotels in France with a total of 645 rooms whose construction ended between 2000 and 2011. Novotel Suites, the sub-brand of Novotel – Accor that provides, sold the assets and that will keep managing them (see here the press release).
The hotels are in Paris (Issy-les-Moulineaux, 128 rooms; Montreuil, 166 rooms; and Saint-Denis, 101 rooms), Lille (126 rooms), and in Cannes (124 rooms).
The buyers closed two different transactions that include the acquisition from French institutional investors of properities that have variable lease contracts and the transfer of activities by the hotel operator.
The hotels are in prime positions and delivered solid operating performance. However, the separate ownership structures created underinvestment gaps. Henderson Park aims to create further value through the consolidation of the portfolio’s ownership structure and an asset management strategy focused on enhancing rooms and guest-facing areas to improve the guest experience. The buyer aims also to modernise the hotels’ technical equipment in an effort to improve energy efficiency, unlock operational cost savings and meet the 2050 Paris Agreement targets.
Christophe Kuhbier, Henderson Park head of European Investments, said: “The hospitality sector continues to benefit from secular tailwinds, with an increase in traveller numbers and visitor spending, following a strong recovery after the Covid-19 pandemic. This acquisition adds to our European hotel portfolio, providing us with five well-positioned, revenue-generating hotels in attractive markets in France, which remains the world’s most popular destination for international visitors. The transaction represented a rare opportunity to reassemble the hotel operations and properties of a sizeable portfolio in an effort to capture immediate and future marital value. We are pleased to enter into a partnership with Atream, who will work closely with the Henderson Park hospitality team to implement our investment plan on this portfolio.”
Pascal Savary, Atream chairman, added: “We are very proud to complete this transaction alongside Henderson Park, a major player in the international hotel market. This acquisition underlines our commitment to the management and enhancement of strategic hotel assets in France. As operating partner and asset manager, we will use our experience to modernise and reposition this portfolio for optimising its attractiveness and performance. This transaction is fully in line with Atream’s strategy to establish itself as a leading partner in the hospitality industry and a key player in private equity. We look forward to working closely with Henderson Park and Accor to unlock the full potential of these properties.”
Henderson Park started to operate in 2016 and since then it invested 14 billion euros in real estate assets. At the end of January 2025, the firm acquired PGA National Resort – Palm Beach Gardens, Florida from Brookfield Asset Management (see here the press release). The 360 rooms resort opened in 1981 and has six iconic golf courses that top players Jack Nicklaus, Arnold Palmer, Tom Fazio, Andy Staples, and Karl Litten designed. The resort is the venue of Champion Course and of The Cognizant Classic, part of PGA Tour. The Ryder Cup (1983), PGA Championship (1987) and several Senior PGA Championships took place at this resort.
In January 2024, Atream, purchased from HIH Invest Real Estate a 150 rooms hotel in the German city of Aschheim, close to Munich. AccorInvest Germany rented and manages the asset with a GLA of 3912 sqms, with the brand Ibis budget. (see here IPE Real Assets).
