Foncière des Murs and Crédit Agricole Assurances announce their acquisition of a portfolio of 32 Campanile hotels
Paris, 1st June 2011 — Foncière des Murs and Crédit Agricole Assurances’ subsidiaries Predica and Pacifica announced on 25 May last that they had finalised the acquisition of a portfolio of Campanile hotels from the Louvre Hôtels group.
The portfolio comprises 32 hotels, all in France, offering over 2,400 rooms. The total deal is worth 170.4 million euros (including work on the properties), with 80.1 per cent coming from Predica and Pacifica, and the remaining 19.9 per cent from Foncière des Murs.
Through its subsidiaries, Louvre Hôtels retains ownership of the business assets and management of the hotels, which will continue to be run under the Campanile brand. Campanile is Louvre Hôtels' flagship brand, positioned on the two-star segment and present in nine European countries. The deal includes the signature of twelve-year firm leases, renewable six times, with triple net rents calculated based on revenues.
This real estate partnership between Foncière des Murs, Predica and Pacifica forms part of their strategy of diversifying in a buoyant sector offering healthy returns. By finalising this deal with Louvre Hôtels, Foncière des Murs is also affirming its role as the partner of choice for major hotel operators and pursuing its dynamic growth in this sector.