EXTENDAM, CEDRE and CATELLA HOSPITALITY EUROPE acquire the iconic Hotel La Pérouse in Nice
A joint-venture led by Catella Hospitality Europe (CHE), Extendam and Cèdre has acquired the Hotel La Pérouse, a legendary boutique-hotel in Nice overlooking the famous “Baie des Anges”. This new acquisition is motivated by the unique features of the hotel as well as the demonstrated dynamism of Nice to be further consolidated with its recent UNESCO heritage site award.
Nestled on the “Colline du Château”, at immediate vicinity from the old town of Nice, the Hotel La Pérouse offers a high-end experience to guests thanks to its exclusive environment and tailored services. Located on the famous “Promenade des Anglais”, the hotel features 56 rooms and suites, most of which with private terraces or balconies offering bird's-eye views over the Mediterranean Sea.
Nice – “the winter resort town of the French Riviera” – constantly ranks among the most visited cities in France and earned in May 2021 the UNESCO world heritage status which will further boost visitation in the coming years. Tourism is deeply rooted in the city’s DNA, which offers landmarks such as the Promenade des Anglais, Matisse and Chagall Museums, the Castle of Nice, the flower market, etc. A highly leisure-driven hotel market, Nice is poised for quick recovery post-pandemic. The summer period this year already marked a real boost in terms of hotel demand, with the overall Côte-d’Azur hotel market achieving a performance above that of 2019.
Catella Hospitality Europe, Extendam and Cèdre intend to reposition the Hotel La Pérouse as Nice’s best luxury boutique hotel. In partnership with an internationally-renown designer, the new owners will fully renovate the property and enhance all common areas, to fully capitalize on the asset’s unique specificities and authenticity. A key element of the renovation program will be to create new attractive food and beverage outlets, appealing to the local community and visitors alike.
Buy-side counsels working on the transaction were Arago, Chevreux (notary), Hoche Avocats, NS Associés, Capstan, and Delpha Conseil.
The managing partners, at CATELLA HOSPITALITY EUROPE, said:
“We are highly delighted to invest once more in Nice, and to take-over such high-potential property which sits in a unique location. The team aims at fully renovating this “sleeping beauty” – further contributing to the upscaling of Nice’s hotel market”.
Jean-Marc Palhon, Chairman of EXTENDAM, said:
“Nice is an attractive city we know well for having acquired several establishments there. La Pérouse hotel performed well in 2019, before the health crisis. The work we are undertaking to upgrade the hotel will place it as the only boutique-hotel of such standing in Nice and will give it every chance of even better results. We also have complete confidence in the teams of Catella Hospitality Europe to design a bright future for this new asset. This off-market operation is fully in line with EXTENDAM’s value-add investment strategy”.
EXTENDAM is a French independent asset management company dedicated to private and institutional investors, regulated by the AMF (the French financial markets authority). Since inception, our funds have invested in more than 250 hotels across EMEA, representing a combined asset value in excess of €2.4 billion. We partner with global operators and franchisors, white label management companies as well as local hoteliers in order to create value for our investors through active asset management. For more information: www.extendam.com. Follow us on LinkedIn an Twitter : EXTENDAM et @EXTEND_AM
Cèdre is a family-owned investment holding company, targeting French companies with strong growth potential. For more than 20 years, Cèdre has supported the development of meaningful projects by investing in promising companies. Cèdre invests tickets from €2 million to €15 million, either alone or in co-investment, without time constraints. Cèdre owns several hotels in Paris and on the Mediterranean coast. For more information: www.cedre-pe.com
About CATELLA HOSPITALITY EUROPE
Catella Hospitality Europe (CHE) invests and assists investors from the sourcing, structuring, and managing of tailored hotel investment opportunities, assessing, and executing each opportunity in order to create the optimum Risk/Reward. Based in Paris, the team has structured deals and managed properties in France and across other main European countries (the United Kingdom, Germany, Spain, Belgium, Poland etc.). CHE was launched in June 2019.
For more information: www.catella.com
For further information, please contact:
CATELLA HOSPITALITY EUROPE
Maxime DES MONSTIERS
Head of Marketing & Communication
+33 1 56 79 79 78
+33 6 10 79 07 65
Catella is a leading specialist in property investments and fund management, with operations in 13 countries. The group has assets under management amounted to approximately EUR 11 billion at the end of the third quarter of 2021. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com