JER Partners (JER) has disposed of its 50% stake in the Marriot Courtyard hotel in Paris. The property, which is located in Neuilly-sur-Seine, is a 242-room, four-star full service hotel with approximately 12,000 ft² of meeting space.
JER purchased its share of the hotel in December 2004 to increase value through improved asset management and benefit from the expected recovery of the Paris hotel market through a six-year business plan. Given the excellent recent trading performance of the asset and current strength of the sector however, JER has taken advantage of an opportunity to maximise returns on this investment early.
The transaction is in line with JER's European focus of identifying and acquiring undervalued assets, then further improving their cash flow through active asset management before seeking an exit opportunity.
Malcolm Le May, President Europe at JER Partners, commented: "The strength of this asset combined with a buoyant market presented a compelling reason for us to realise our investment. We are delighted that this transaction was able to take place."