Moor Park Capital Partners has bought an €863m (£584m) hotel portfolio in Germany and the Netherlands – its second large European deal in a month
The company, which was set up by three ex-Nomura International directors, Gary Wilder, Shemeel Khan and Jagdeep Kapoor, has signed a memorandum of understanding with Accor to buy 72 hotels in Germany and 19 in the Netherlands.
The purchase comes less than a month after it bought the €1bn (680m) Max Bahr retail portfolio in Germany, which includes Novotel, Mercure, Ibis and Etap hotels comprising 12,000 rooms.
Accor will continue to operate the hotels under 12-year leases, paying an average of 18% of yearly revenues with no guaranteed minimum.
Based on 2006 figures, this represents a total rent of around €49.5m (£34m). The leases are renewable six times for a total of 84 years. The acquisition includes a €43m (£29m) renovation programme to be paid for by Moor Park.
Accor said it would continue its rationalisation of its property strategy to allow it to focus on its core hotel operation
It said it had also signed a long-term development partnership with Moor Park that would enable it to step up its expansion programme in Germany and the Netherlands.