PAI Partners agrees to sell significant minority stake in European Camping Group to ADIA

admin March 24, 2025

PAI Partners, a pre-eminent private equity firm, has agreed to sell a significant minority stake in European Camping Group (ECG), a European leader in outdoor accommodation, to a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). PAI will remain the majority shareholder in ECG.

PAI first invested in ECG in 2021, recognising a compelling opportunity to drive significant growth through investment and consolidation, supported by strong structural tailwinds. Since then, PAI has invested across both ECG’s sites and mobile-homes fleet to upgrade facilities and enhance amenities, significantly improving the customer experience while driving revenue growth and profitability. Sustainability has also been a key action-driven focus, with the company adopting innovative energy-efficient operations and securing environmental certifications across its portfolio. In 2023, PAI doubled the scale of the business with the transformational acquisition of Vacanceselect, further cementing ECG’s position as the only true pan-European platform in the outdoor accommodation sector.

Today, ECG operates across eleven European countries through its main brands Eurocamp and Homair and is the leading player in France, Italy, Spain and Croatia. The company has expanded from just over 280 sites in 2021 to more than 450 sites today, offering the broadest portfolio of destinations with over 56,000 pitches and a fleet of 48,000 mobile-homes. Revenues have grown at a compound annual rate of 15% and earnings have more than tripled.

Bertrand Monier, Partner at PAI, said: “ECG is a prime example of a Real Economy business that has emerged as a clear market leader in outdoor accommodation, benefiting from substantial investment, attractive market dynamics and an exceptional management team, with plenty of runway for growth. We are delighted to welcome ADIA as our fellow shareholder for the next stage of growth, sharing our vision for ECG and the opportunities to build on its success.”

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “ECG has successfully built one of Europe’s leading outdoor accommodation groups, driven by its strong and experienced management team. This investment, alongside a proven partner in PAI, aims to support and accelerate the growth of the business.”

Sébastien Manceau, CEO at ECG, said: “We are delighted to welcome ADIA as a new investor alongside PAI to support our growth trajectory and continue strengthening our leadership in the European outdoor accommodation market. This new chapter will allow us to pursue our geographic diversification journey and focus on organic and operational levers to achieve our full potential.”

Philippe de Trémiolles, MD and CFO at ECG, said: “This significant investment from ADIA demonstrates the attractiveness of ECG’s leading platform in a fragmented sector. We look forward to this collaboration as we remain focused on our mission to deliver the best sustainable holidays for our guests.”

The transaction is subject to customary regulatory approvals and is expected to close in Q2 2025.

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Tags: Leisure

CapMan Real Estate and Scandic undertake extensive renovation of historic Hotel Laajavuori, in Finland

admin March 18, 2025

CapMan Real Estate and Scandic undertake extensive renovation of historic Hotel Laajavuori, in Finland

CapMan Real Estate, in collaboration with Scandic, is carrying out an extensive renovation of Hotel Laajavuori located in Jyväskylä, Finland. The historic hotel will be modernized by significantly improving its energy efficiency, renovating rooms and spaces, and implementing a large-scale geothermal heating project. The geothermal heating project is executed by LeaseGreen in cooperation with Heatly.

The renovation, which began this month, will bring the historic 24,000 square metre hotel property up to current standards in one go. The property will be transformed into a modern, energy-efficient entity that respects its history, serving guests for decades to come. Work started on March 10th, when the hotel was temporarily closed, and is scheduled to be completed in January 2026. The hotel will however reopen for guests already on June 26th, 2025. Hotel Laajavuori was originally opened in 1969 and was significantly expanded in the mid-1970s. CapMan’s hotel fund took ownership of the hotel in 2008, which is also when the latest expansion occurred. The hotel’s exterior represents brutalist concrete architecture and is protected.

Central to the current renovation is a significant geothermal heating project that will cover the property’s post renovation annual heating needs of 2,686 MWh, as well as provide cooling energy. For this purpose, a field of up to 67 ground source heat wells will be drilled. LeaseGreen is responsible for the design and implementation of the geothermal heating system, and Heatly acts as a financing partner offering comprehensive life-cycle financing. In addition to the geothermal heating project, the hotel’s ventilation and building automation will be renovated. At the same time, the hotel’s lighting and room windows will be replaced, and the rooms will be equipped with individual cooling.

“We want to bring the hotel into this age both in terms of building technology and functionality, while preserving its original spirit. After the renovation, the property’s annual heating energy consumption need will decrease by 1,500 MWh. Combined with the geothermal heating project, this will raise the property’s energy class from E to B,” says Elias Salla, Asset Manager at CapMan Real Estate responsible for the project.

“Scandic Laajavuori serves a wide range of customers, from family travellers during weekends and holiday seasons to conference and event guests and business travellers. Residents of the surrounding area also make extensive use of the spa and restaurant services. We believe that our guests will appreciate even more the hotel’s resort spirit, its diverse services including spas and bowling alleys, and its nature-friendly location close to many outdoor activities,” says Janne Pälvimäki, Hotel Manager of Scandic Laajavuori.

The hotel is undergoing additional renovations as well; all rooms and public spaces will be updated, and the number of rooms will be increased from 196 to 198. The room design is being handled by the architectural firm Doos, and the design of other spaces by Design Agency Fyra.

CapMan Real Estate invested in the hotel property in 2008, and in 2018 the hotel transitioned to being operated by Scandic. The property is part of the CapMan Hotels II fund portfolio.

Image above: Scandic Hotels

For more information, please contact:

Elias Salla, Asset Manager, CapMan Real Estate, +358 44 301 0098

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C target and our commitment to net zero greenhouse gas emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.www.capman.com

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Tags: Leisure Real estate

Green Courte Partners Expands Active-Adult Portfolio with Colorado Acquisition

admin March 4, 2025

Chicago, Illinois (March 4, 2025) – Green Courte Partners, LLC (GCP), a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its sixth investment fund, Green Courte Real Estate Partners VI, LLC and its affiliates, has acquired 55 Resort at Water Valley, a 120-unit active-adult community located in Windsor, Colorado, just north of Denver in the Water Valley master-planned development. This acquisition expands GCP’s national senior living portfolio, managed by its wholly owned operating platform, True Connection Communities, to 21 communities with approximately 3,300 units.

“We are excited to expand our portfolio and establish a presence in the Colorado market with the acquisition of 55 Resort at Water Valley, soon to be rebranded as Eagle’s Peak at Water Valley,” said Matt Pyzyk, managing director at GCP. “This community was a key target for us due to its prime location within the high-growth corridor between Denver and Fort Collins. Its extensive amenities and integration into the Water Valley master-planned community provide an exceptional lifestyle environment for active adults 55 and older. We remain committed to acquiring similar communities as we grow our active-adult portfolio.”

Brad Florin, a counterparty in the transaction, stated, “Having known the GCP leadership team since the community was developed in 2019, we are pleased to finalize this transaction with them. They moved swiftly, met our timeline, and ensured a seamless process.”

About Green Courte Partners

Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors. The firm has active investments in the following sectors: active-adult/independent senior living, land-lease communities, industrial outdoor storage, and near-airport parking. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte’s goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte’s website at GreenCourtePartners.com.

About True Connection Communities

True Connection Communities operates a high-quality portfolio of 21 active-adult and independent senior living communities, containing approximately 3,300 units located in 13 states, to meet the growing needs of Americans over the age of 55 seeking an active and engaged lifestyle. To deliver an exceptional resident experience, the company focuses on five key offerings: custom-designed fitness and wellness programs, creative chef-prepared meals made with the freshest seasonal ingredients, social activities designed for a life on the move, innovative educational programs, and state-of-the-art technology. To learn more, visit TrueConnectionCommunities.com.

Investor contact:
Marnie Helfand
(312) 966-4747
MarnieHelfand@GreenCourtePartners.com

Media contact:
Robert Dekker
(312) 966-3816
RDekker@GreenCourtePartners.com

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Tags: Leisure Real estate

PAI Partners enters partnership with Motel One to accelerate international growth

admin March 3, 2025

PAI Partners, a pre-eminent private equity firm, has agreed to enter into a proprietary partnership with a consortium led by Dieter Müller for Motel One Group, a leading economy design hotel chain in Europe, to support its next phase of international growth. PAI will become the majority owner of Motel One, with a share of c. 80% in the operating business. Following the transaction, Dieter Müller, Founder of Motel One, will remain Chairman of the company. Independently of the partnership with PAI, Dieter Müller will further develop the previously spun-off real estate arm to further support the growth of Motel One.

Since its founding in 2000, Motel One has been a pioneer and market leader in the budget design hotel category. Motel One’s unique combination of affordable pricing, prime inner-city locations, leading guest satisfaction and high-end design has allowed it to become one of the best performing concepts in European hospitality over the past decade.

Motel One has been on a strong growth trajectory, attracting more than 10 million guests in 2024. Initially focused on the DACH region, the company today operates 99 hotels across 13 countries, including the UK, France and the United States, with approximately 28,000 rooms. The company’s growth has been further accelerated by the launch of its new lifestyle brand, The Cloud One Hotels, with properties in New York, Hamburg, Düsseldorf, Prague and Gdańsk.

PAI is a recognised global leader in Consumer Services, following decades of investing in the Real Economy, transforming businesses into European and global leaders. The agreement for Motel One builds on its solid credentials in founder-led partnerships, deep European network and proven expertise in the hospitality industry, including the successful transformations of B&B Hotels, Roompot and European Camping Group.

Dieter Müller, Founder & Chairman of Motel One, said: “I am delighted to welcome PAI as a strategic partner with extensive expertise in the hospitality industry. Together, we will further accelerate the international expansion of Motel One. We look forward to partnering with PAI as we embark on the next chapter in our exciting growth story.”

Daniel Müller and Stefan Lenze, Co-CEOs of Motel One, said: “On behalf of the entire management team, we welcome PAI’s commitment to Motel One. We look forward to the new impetus they will bring to our international expansion, building on the company’s successful business model.”

Bertrand Monier and Ralph Heuwing, Partners at PAI, said: “We are thrilled to partner with Dieter Müller and the excellent Motel One management team. We look forward to building on the company’s current momentum, supporting its next stage of international growth while preserving the unique DNA created by its visionary founder.”

The transaction is subject to customary regulatory approvals and is expected to close in Q2 2025.

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Tags: Leisure

EQT portfolio company HBX Group, a leading independent B2B travel technology marketplace, goes public on the Spanish Stock Exchange

admin February 13, 2025

EQT is pleased to announce that EQT VII (“EQT Private Equity”) portfolio company HBX Group International plc (“HBX Group” or the “Company”) has successfully completed its initial public offering (“IPO”) and began trading today on the Spanish stock exchange. At an IPO price of EUR 11.50 per share, the listing follows the initial offering of the Company’s shares, comprising an offering of EUR 748 million, including a secondary offering of existing ordinary shares of the Company. Together with the additional overallotment option of up to 15% of the size of the base offering, the total offer size is up to EUR 860 million. The share price closed at EUR 11.00 per share at the end of the first trading day, implying a market capitalization of EUR 2.7 billion.

HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totaling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predict travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

EQT Private Equity’s association with HBX Group began with the merger of its previous portfolio company GTA and HBX Group in 2017, which resulted in EQT Private Equity acquiring a minority stake in HBX Group. Previously, GTA was one of the three core businesses of Kuoni Group, which EQT Private Equity acquired in May 2016. The other two core businesses, GTS and VFS Global, were divested by EQT in 2017 and 2022 respectively.

The IPO marks a significant milestone in HBX Group’s journey, providing it with a diversified shareholder base and access to public capital markets to support the Company’s future growth. Dominik Stein, Partner and Head of EQT Growth Advisory Team, commented: “EQT extends its congratulations to HBX Group’s management team and fellow shareholders, including Cinven and the Canada Pension Plan Investment Board, on reaching this milestone.”

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About HBX Group

HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline and Roiback, among other brands. The company offers a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. HBX Group’s vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries, employs more than 3,600 people around the globe and is committed to making travel a force for good, creating a positive social and environmental impact. More info: www.hbxgroup.com

This press release does not constitute an offering circular or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein shall be construed as an offering of securities. No one should purchase any securities in the Company except on the basis of information in the prospectus published by the Company in connection with the offering and admission of such securities to trading on the Spanish stock exchanges. Copies of the prospectus are available at the Company’s registered office and, subject to certain exceptions, through the website of the Company.

This press release is not an offer to sell or a solicitation of any offer to buy any securities issued by the Company in any jurisdiction where such offer or sale would be unlawful and this announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

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EQT co-leads TravelPerk’s USD 200 million Series E

admin January 28, 2025

TravelPerk is an all-in-one SaaS business travel platform that aims to give travelers the freedom they want whilst providing companies with the control they need
EQT Growth co-leads the round, which values TravelPerk at USD 2.7 billion, alongside Atomico; round also joined by new investors Noteus Partners and Sequoia Capital, as well existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone
Alongside the financing, TravelPerk announces that it has acquired Yokoy, a leading spend management platform, to create an integrated Travel and Expense Management platform

EQT is pleased to announce that EQT Growth, which aims to support fast-growing technology companies as they continue to scale, has co-led a USD 200 million Series E in TravelPerk. The investment is also led by Atomico, with participation from Noteus Partners and Sequoia Capital, as well as existing investors, including Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone. The oversubscribed round brings TravelPerk’s valuation to USD 2.7 billion.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly looking for fully integrated solutions that bring travel and expenses together into one automated platform. TravelPerk’s end-to-end experience simplifies business travel management, streamlining processes and helping companies better control costs. With the acquisition of Yokoy, a leading spend management platform, and through integrations with expense management partners, TravelPerk is well positioned to provide small & medium businesses in Europe and the US highly localized solutions that suit individual needs, while preserving freedom of choice and flexibility.

Founded in 2015 and today headquartered in Barcelona, TravelPerk has recorded 50 percent annual growth over the last two years and reached EBITDA break-even at the end of 2024. The new funding will be used to further accelerate growth, with continued expansion into the US market alongside significant investments into product, technology and AI.

Carolina Brochado, Partner at EQT Growth, who will join the TravelPerk Board, said: “TravelPerk is a clear digital-native leader in the multi-hundred-billion corporate travel market. Most small and mid-market businesses remain unmanaged and underserved in this space. Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”

“Until now, customers had to make hard trade-offs: an integrated platform or separate, best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk President and Chief Operating Officer, JC Taunay-Bucalo. “Customers don’t have to compromise anymore. Now, they can have a leading travel management product built on the world’s largest inventory, combined with an expense management product that works for their business.”

Avi Meir, TravelPerk CEO and Co-Founder, added: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, YouTube and Instagram

About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.

TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.

Backed by world-class investors like General Catalyst, Kinnevik, Softbank, and Blackstone, TravelPerk is reinventing travel for work with an end-to-end solution that works.

Visit www.travelperk.com for more information.

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Tags: Information technology Leisure

Blackstone Cements Position as a Leading Foreign Hotel Investor in Japan, Adds Three Hotels to Portfolio

admin December 19, 2024

TOKYO – December 19, 2024 – Blackstone (NYSE: BX) announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into definitive agreements to acquire three hotels in Osaka and Okinawa – Ritz Carlton Okinawa, Kise Beach Palace, and Nest Hotel Osaka. With these investments, Blackstone will have a sizeable $1.3 billion hotel portfolio in Japan, consisting of high-quality properties across some of the country’s top tourist destinations including Tokyo, Kyoto, Osaka, Okinawa, and Fukuoka, and cementing its position as one of the largest foreign hospitality investors in the market.

Daisuke Kitta, Head of Real Estate Japan, Blackstone, said: “We have been one of the most active investors in Japan hotels in the past three years, anchored by our high conviction in hospitality and leisure as an investment theme globally. Japan is experiencing strength in both inbound tourism and domestic travel, supported by its robust economic growth. We will apply our operational expertise and use the full breadth and depth of our global resources to support these hotels for long-term success.”

In the last three years, Blackstone has acquired or signed to buy nearly 20 hotels including an eight-hotel portfolio from Kintetsu Group Holdings.

Jeremy Bleackley, a Managing Director in Blackstone Real Estate, said: “We are pleased to expand our hotel portfolio in some of Japan’s most vibrant markets – Osaka and Okinawa. We’ll continue our work of building these properties into destinations for dining, leisure, and entertainment, and support the growth of these hotels and the local economies in Japan.”

The three hotels include Ritz Carlton Okinawa, a luxury resort surrounded by an 18-hole championship course overlooking the ocean; the Kise Beach Palace, a beach-front resort; and Nest Hotel Osaka, which sits within 5-minute walking distance to Osaka’s center of retail and entertainment district.

Japan’s tourism industry achieved a new record this year, with foreign visitor spending from January to September reaching JPY 5.8 trillion, surpassing last year’s full-year record. In July, the number of international visitors reached a record-high of nearly 3.3 million for a single month, increasing by more than 10% compared to the same month in 2019. The Japan Tourism Agency expects this trend to continue, with the number of visitors for 2024 expected to hit a record of 35 million.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contact
Mariko Sanchanta
mariko.sanchanta@blackstone.com
+852 9012 5314

Kekst CNC
blackstone@kekstcnc.com
090-3239-9348

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Global Travel Technology Company OYO Completes Acquisition of G6 Hospitality from Blackstone Real Estate

admin December 17, 2024

New Delhi & Dallas – Oravel Stays, the parent company of the global travel technology company OYO, today announced that it has completed its previously announced acquisition of G6 Hospitality, the leading economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million.

Advisors
Goldman Sachs & Co. LLC acted as Blackstone’s lead advisor and Jones Lang LaSalle Securities, LLC and PJT Partners acted as financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal advisor.

Deutsche Bank & Mizuho Securities served as OYO’s advisor in various capacities.

The transaction was announced on September 20, 2024.

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About OYO
OYO is a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers 40+ integrated products and solutions to patrons who operate over 175K hotel and home storefronts in more than 35 countries including India, Europe and Southeast Asia. For more information, visit here

About G6 Hospitality LLC
G6 Hospitality LLC is a leading economy lodging franchisor, with nearly 1,500 economy lodging locations under the iconic Motel 6 brand and the Studio 6 Extended Stay brand in the United States and Canada. G6 Hospitality is committed to making hospitality accessible to all through responsible business practices and unparalleled opportunity for franchisees to build a legacy through ownership. Both Motel 6 and Studio 6 were recognized in the 2024 Entrepreneur Franchise 500® report, with Motel 6 ranking in the top 50 of all franchises. The Carrollton, Texas, based company was named a 2024 Leader in Diversity by Dallas Business Journal. For more information, please visit http://www.g6hospitality.com/.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $336 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

CONTACTS:

OYO
Anupriya Malik
Anupriya.d@oyorooms.com

G6 Hospitality
Maggie Giddens
Giddens_Maggie@g6hospitality.com

Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

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KKR and Baupost Purchase 33 Marriott International Hotels in the UK from ADIA

admin December 2, 2024

December 2, 2024

Joint venture acquires 33 premium-brand Marriott Hotels & Resorts and Delta Hotels by Marriott
Amante Capital, KKR’s dedicated European hospitality platform, will serve as managing partner to the joint venture

London, 2 December 2024 – Leading investment firms KKR and The Baupost Group today announced a joint venture to purchase a portfolio of 33 Marriott International hotels across the UK from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Amante Capital, KKR’s vertically integrated European hospitality platform, will serve as managing partner for the joint venture and the properties will continue as premium Marriott branded hotels.

The portfolio consists of 33 full-service properties branded as Marriott Hotels & Resorts and Delta Hotels by Marriott in London and prime regional cities including Edinburgh, Glasgow, Leeds and Liverpool. The 6,500 key portfolio benefits from recent high-quality refurbishments and features an attractive mix of amenities catering to business and leisure guests, ranging from conference and event venues to golf and recreation.

“Our purchase of this impressive portfolio reflects our conviction in the UK and the opportunity we see to invest behind strong fundamentals and long-term growth in the European hospitality sector,” said Mai-Lan de Marcilly, Managing Director and Head of Transactions France and Hotels at KKR. “With Amante Capital we have built the capabilities to be a scaled acquirer and operator of premium hotels across Europe. This is our second investment with Marriott International in Europe and expands our global relationship as well as making us the largest owner of premium segment Marriott International hotels in EMEA.”

“This venture highlights our continued opportunistic approach to investing in high-quality assets,” said Nick Azrack, Partner, The Baupost Group. “We are excited to collaborate with Amante, KKR and Marriott International on the future of these hotels.”

Amante Capital’s experienced team will manage the portfolio on behalf of the joint venture. Working closely with Marriott International’s UK team, Amante will oversee a program of continued capital investment and provide dedicated services to support the local teams at each property in attracting business and delivering exceptional guest experiences. To own this collection of premium hotels is a milestone acquisition for Amante Capital and its investment partners.

KKR has been a long-term investor in UK real estate, having deployed over US$3.5 billion of capital since 2016 across hospitality, residential, student housing and logistics properties. KKR is making the investment primarily through its value-add and opportunistic European real estate strategy.

DLA Piper, Ropes & Gray and Simpson Thacher Bartlett served as legal advisors to the KKR and Baupost joint venture. KKR Capital Markets and Eastdil Secured arranged financing for the transaction. Hamilton Pyramid served as asset manager, Eastdil Secured as advisor and Burges Salmon as legal counsel to ADIA.

About Amante Capital

Founded in 2022, Amante Capital is dedicated to investing in hotel real estate across Europe. Over the last 25 years, the highly experienced team at Amante has been involved in origination, transactions, asset management, capex deployment and operations of a multitude of single assets and portfolios. Amante have an investor mindset, unlocking significant value for its partners through its entrepreneurial spirit and hands-on approach. Amante aims to establish a large-scale pan-European hotel investment and operational platform over the next few years.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Baupost

The Baupost Group is a Boston-based investment manager with a long-term, value-oriented approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations, endowments, and other like-minded institutions, as well as employees who collectively are the firm’s largest client. CEO and Portfolio Manager Seth Klarman has overseen Baupost’s investments from the company’s inception.

Employing its value-focused discipline, Baupost has been successfully investing in real estate for more than 30 years. Working both independently and through joint ventures, the firm has deep experience in public and private real estate markets, in equity and credit positions, and across geographies and property types. Baupost’s relationships, flexible capital, and ability to underwrite large, complex situations has made the firm a trusted counterparty on real estate debt and equity transactions.

Media Contacts
KKR
Alastair Elwen / Jack Shelley
FGS Global
+44 20 7251 3801
KKR-LON@fgsglobal.com

The Baupost Group
Diana DeSocio
+1-617-512-6592
DDeSocio@Baupost.com

Julie Kane
+1-617-999-8623
JKane@Baupost.com

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Lighthouse Announces $370 Million Series C Investment Led by KKR to Accelerate Platform Innovation and Growth

admin November 21, 2024

Investment supports continued expansion of AI and business intelligence capabilities for over 70,000 hospitality properties globally

LONDON–(BUSINESS WIRE)– Lighthouse, the leading commercial intelligence platform for the travel & hospitality industry, today announced an approximately $370 million growth investment led by global investment firm, KKR. This investment accelerates Lighthouse’s mission to reimagine commercial strategy for the $15 billion travel & hospitality technology market. Proceeds from the investment will be used to drive continued product innovation across Lighthouse’s platform, strategic acquisitions, and global expansion efforts.

Lighthouse’s suite of products provides revenue managers, commercial leaders, and accommodation owners with easy-to-use tools that drive incremental bookings, streamline operations, and enable a better customer experience for guests. The platform is underpinned by proprietary technology that processes over 400 terabytes of travel and market data daily and leverages AI to deliver real-time insights that enable customers to make better and more efficient operational decisions. Lighthouse has established itself as hospitality’s leading commercial intelligence platform, with 700+ employees worldwide and an industry-leading NPS score of 70+.

“We’re extremely grateful to the 70,000+ hospitality providers, who have placed their trust in Lighthouse,” said Sean Fitzpatrick, CEO of Lighthouse. “I couldn’t be more energized by what we’re working towards. We’re just getting started in making hospitality data and tools more powerful, accessible, and affordable. This investment by KKR significantly accelerates our ability to enhance our commercial platform through expanded AI capabilities and additional data sets, enabling us to better serve our existing customers while continuing to expand across the hospitality market.”

KKR has established a proven track record of supporting technology-focused growth companies, having invested approximately $23 billion in related investments since 2010 through its private equity and growth equity funds and built a dedicated global team of nearly 70 investment professionals with deep technology growth equity expertise. Lighthouse will be able to leverage KKR’s extensive industry experience, local resources and global network to help further enhance its customer offerings and tap into new segments globally.

“Lighthouse has demonstrated an exceptional ability to support hoteliers of all sizes – ranging from global chains to independent properties – by addressing the unique needs of each segment,” said Stephen Shanley, Partner and Head of Tech Growth in Europe at KKR. “Their strong track record, customer loyalty, and proven ability to deliver value across varied markets position them as the leading platform in this space. We are proud to support Lighthouse in expanding its global footprint, driving continued innovation, and enhancing its market leading offerings.”

This latest funding builds on Lighthouse’s $80M Series B investment round, which was completed in November 2021. Existing investors Spectrum Equity, F-Prime Capital, Eight Roads Ventures, and Highgate Technology Ventures will continue their participation in the business.

KKR is making the investment in Lighthouse through its Next Generation Technology III Fund.

William Blair acted as financial advisor. Latham & Watkins served as legal advisor to Lighthouse and Gibson Dunn as legal advisor to KKR.

About Lighthouse

Lighthouse (formerly OTA Insight) is the leading commercial platform for the travel & hospitality industry. We transform complexity into confidence by providing actionable market insights, business intelligence, and pricing tools that maximize revenue growth. We continually innovate to deliver the best platform for hospitality professionals to price more effectively, measure performance more efficiently, and understand the market in new ways. Trusted by over 70,000 hotels in 185 countries, Lighthouse is the only solution that provides real-time hotel and short-term rental data in a single platform. We strive to deliver the best possible experience with unmatched customer service. We consider our clients as true partners—their success is our success. For more information about Lighthouse, please visit: https://www.mylighthouse.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241120724034/en/

Lighthouse
Adam Swart
pr@mylighthouse.com

KKR
FGS Global
Alastair Elwen / Jack Shelley
+44 20 7251 3801
KKR-LON@fgsglobal.com

Source: KKR

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