B&B Hotels will take over a portfolio of 31 hotels in France, formerly under Accor brands.
After passing the 300-hotel mark in France in the spring of 2021 – with the opening of an establishment in the Bassins à Flot district of Bordeaux – B&B Hotels’ offering is about to take a sharp leap in France. In fact, the budget brand is going to welcome no fewer than 31 hotels formerly operated under various Accor group brands, including Ibis, Novotel and Mercure. This significant increase in the portfolio of Europe’s third-largest budget brand is the result of an agreement with Covivio Hotels, the real estate investor’s hotel subsidiary.
All of these properties, which were already owned by Covivio, were previously leased to AccorInvest, the real estate arm of the leading French hotel company, under variable-rent leases. The new agreement between Covivio and B&B Hotels is based on new fixed-rent leases rather than variable-rent leases, with a firm 12-year commitment. Covivio has announced a “substantial” increase in rent compared to 2019, with the investor committing to participate in the work program carried out by B&B Hotels to convert all these hotels to its brand.
While allowing the B&B group to strengthen under the nose of one of its main competitors, this game of musical chairs shows a certain confidence in the future of the hotel industry. ” To support its recovery in 2022, we are counting on several levers: establishing the best operating model for our hotels, continuing to support the brands in their development and investing in our hotels in order to be as close as possible to the expectations of travelers
,” said Tugdual Millet, Covivio’s General Manager of Hotels.
Covivio’s hotel portfolio now includes nearly 350 hotels, most of them located in the heart of European cities. These include some former properties of the Italian Boscolo group recently taken over by the NH Collection and Anantara brands, with Covivio also partnering with Zoku for its arrival in Paris
I’m Michelle, and I love to travel. As a former hotel expert for one of the world’s largest hotel chains, I’ve stayed in nearly every type of room imaginable (including many that were not so desirable!). Nowadays, I am fortunate enough to be able to explore the world on my own terms. From international flights to learning different languages, there is nothing too far out of reach!