Hotel investor FDM Management, which was created by France's Foncière des Régions, has acquired two hotel portfolios, with a total of 18 properties across Germany, France and Belgium, for €936 million.
"With these two major transactions, we are entering high-growth markets in partnership with the main international operators: Marriott, Starwood Hotels and Resort, IHG, AccorHotels, Best Western and Carlson Rezidor," Dominique Ozanne, chairman of FDM Management and chief executive officer for Hotels & Hospitality Management at Foncière des Régions, said in a statement.
The first deal is a preliminary purchase agreement for nine hotels, totaling 4,131 rooms, in city-center locations in Berlin, Dresden and Leipzig in Germany. The hotels include Park Inn, Radisson Blu, Westin, Pullman, Mercure and ibis properties. The deal is expected to close this summer, and Event Hotels will continue to manage the portfolio.
The second acquisition includes nine hotels in city centers across France and Belgium. The hotels, which have a total of 650 rooms among them, are affiliated with the Autograph Collection, Best Western, Crowne Plaza and Holiday Inn chains. These properties are run by FDM Management.