The Student Hotel secures Toulouse hotel for €34m (FR)

The Student Hotel secures €34m Toulouse hotel deal (FR)

The Student Hotel (TSH) has acquired a turnkey refurbishment project in the Compans Caffarelli area in the centre of Toulouse, for around €34m. The counterparty is a joint venture of French listed developer Icade and academic institution YnovTSH’s total investment in the Toulouse project is in excess of €45m and will allow the extension and the refurbishment of an existing former barracks into 12,000m² of student accommodation and hotel with 354 high profile rooms, design common areas and a rooftop with a pool and 360-degree views on the city. The site is close to major higher education hubs, including the Toulouse Business School and the new Ynov digital campus, and is located within walking distance of the city centre.

 

The construction of the hotel has already begun and it is due to open in the Summer of 2021. The Toulouse acquisition is a cornerstone of The Student Hotel’s strategy of engaging in large urban regeneration projects and it plans to acquire, develop and invest in more than 4,000 rooms in France by 2022.

 

Sophie de Becdelievre, TSH Real Estate Director France, said: “We are convinced of the strong potential of Toulouse for the TSH concept. Due to the quality of its higher education institutions, Toulouse is the second most popular place to study in France after Paris and almost a quarter of all the residents in the city centre are students. The city also benefits from a solid and dynamic economy which will drive strong demand for our hotel and extended-stay rooms. The Student Hotel is fully committed to supporting the city of Toulouse and Icade-Ynov in its plans for the comprehensive regeneration of the Compans Caffarelli square and its surrounding environment.”

 

Denis Montrelay, Investment Director and Member of the Executive Board at TSH, said: “Toulouse is a major new step in our TSH growth strategy in France and we are also investing in ambitious re-development projects in other key markets where we see strong demand for our unique hybrid co-living and co-working hotel formula. Italy, Spain and Portugal are high on the list of new openings, alongside the German-speaking markets, in the near future.”     

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