MEININGER Holding GmbH and Foncière des Régions, through its subsidiary Foncière des Murs, announces that they have formed a commercial partnership in respect of the sourcing by MEININGER and acquisition by Foncière des Régions of hotel property investment opportunities primarily in European gateway cities, to be leased to and managed by MEININGER under the "MEININGER" brand.
Primary cities targeted include Amsterdam, Barcelona, Brussels, Berlin, Geneva, Hamburg, Frankfurt, London, Madrid, Milan, Munich, Paris, Rome, Vienna and Zurich. In addition other cities in both Western and Eastern Europe where the MEININGER brand is likely to be popular are also planned for expansion.
MEININGER will operate these hotels under its brand in a lease structure. MEININGER will also provide other services appropriate to its brand. Over the next 4 years, this strategic agreement could translate into up to €400 mln total hotel investments, subject to approval by both parties on an hotel by hotel basis, through triple net long-term leases.
Foncière des Régions, european leader of the Hotel real estate market, already has successful relationships with leading operators in this sector, including with Accor, B&B Hôtels, NH Hotels and Louvre Hotels Group. Foncière des Régions’ strategy is to strengthen its presence in the hotel sector throughout Europe and expects the partnership with MEININGER to accelerate its European footprint while creating a long term relationship with an operator with a proven track record and meaningful development potential.
As Navneet Bali, CEO at MEININGER Hotels, explains, “MEININGER is a unique hybrid hotel product. The partnership with Foncière des Régions is an important step for our expansion in Europe. MEININGER’s aim is to operate an "urban traveller's home" in every major European city. The collaboration with Foncière des Régions is an exciting step in this direction.”
Source:Foncière des Regions