Clearwater International advises Covivio Hotels on the sale of two B&B hotel portfolios to Primonial
Clearwater International has advised Covivio Hotels, a leading hotel investor in Europe, on the sale of two French hotel portfolios operated by B&B Hotels Group (B&B Hotels), to Primonial.
The first portfolio, sold in April 2019, consisted of 58 hotels and more than 4,500 rooms. The second portfolio, sold in December 2019, consisted of 30 hotels and more than 2,000 rooms.
All assets are still leased to B&B Hotels, the first independent economic hotel chain in France, through long-term leases renewed in 2017, following a large refurbishment plan dedicated to enhancing B&B Hotel’s offering.
This transaction is of strategic importance to Covivio Hotels and demonstrates the attractiveness of B&B Hotel’s brand as a major European player.