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Company plans to expand European budget-hotel chain
The Carlyle Group has acquired the B&B Hotel Group, and plans to accelerate the growth of the 223-unit European budget-hotel chain. The seller was investment firm Eurazeo, and the deal had an enterprise value of about $650 million.
Carlyle said it intends to expand B&B by investing in the continued renovation of its current hotels and by accelerating the pace of chain openings across Europe. This is expected to include further growth in the company's core French market, along with significant expansion in Germany (which currently accounts for 34 properties of the total portfolio) and growth in Italy, as well expanding the chain into new territories such as Poland, Portugal and The Netherlands.
“B&B has high customer satisfaction and has had strong market performances and strong business resilience during the downturn,” said Franck Falezan, managing director at The Carlyle Group. “We are confident in the continued high growth potential of the company in existing and new European markets. In partnership with our experienced real estate team and B&B's excellent management team, we look forward to helping B&B reach its full potential.”
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