Castellet Hospitality has finalised an agreement with its pan-European investor, Three Hills, to secure €30 mln in follow-on capital.
This recent funding round will bolster Castellet's ambitious buy-and-build strategy. To date, four acquisitions have been completed, with Three Hills committing total funds exceeding €90 mln.
Castellet Hospitality is set to advance its acquisition efforts with three hotels in the South-East of France; Novotel Lyon Confluence, Hôtel de Mougins and B&B Saint Jean de Maurienne.
The three transactions will bring an additional 261 rooms to the hotel group, increasing the current portfolio by 16% and taking total locations to 25.
Moreover, through the Three Hills partnership, Castellet Hospitality is actively expanding its acquisition pipeline, leveraging additional funding from the investor to facilitate a fourth transaction in early 2024, allowing the company to succeed in one of the most competitive segments of the hotel industry.
Gilles Larrivé, founder and CEO of Castellet Hospitality, said: 'I am delighted to announce that we are continuing to strengthen our partnership with Three Hills.
'Our collaboration with the Firm has been instrumental in increasing our portfolio, as well as in enriching our strategic focus through the combined expertise of our existing management team and Three Hills’ value creation levers.
'We will continue to grow our acquisition pipeline with a view to become the blueprint for pre-eminent hospitality operations in France.'