Crossroads Real Estate led by David Gillerman has offloaded properties operated by easyHotel to the hospitality group.
easyHotel has agreed to acquire the eight properties for around €145 mln. The portfolio represents 793 hotel rooms in Amsterdam (3), The Hague (2), Rotterdam, Maastricht, and Brussels.
The deal has an extra real estate investment component to it given that easyHotel is majority owned by ICAMAP and Ivanhoe Cambridge.
In December 2021, the shareholders sanctioned a €50 mln capital increase. The company’s owned, leased and franchised portfolio stands at 42, which it wants to take to 51 over the next 18 months and 100 internationally by 2026.
Crossroads’ founder Gillerman, said: ‘Following a longstanding franchise agreement with easyHotel, Crossroads is delighted with the success and the growth across this portfolio of eight very well-situated hotels, especially its performance since the end of the pandemic.’
‘We would like to thank all of the employees of easyHotel Benelux for their hard work during their time with us and wish them all the best for the future with easyHotel Ltd. We would also like to thank JLL for their support during the process.’
Gwenaëlle Pouy, chief development officer and head of real estate at easyHotel, said: ‘Now is an exciting time for the group as we deliver on our growth plan to increase our presence in Europe.’
‘This transaction demonstrates easyHotel’s intentions and our willingness to develop through acquisitions as well as freehold, leasehold or franchise hotels. Our pipeline is in a strong position for us to continue to develop and grow the easyHotel brand towards the objective of 100 hotels by 2026. We are currently strengthening our development teams across Europe to that end.’