France’s Primonial Group is set to make a push into the hotel sector after agreeing a deal with the former CEO and deputy CEO of Covivio Hotels.
As part of its diversify its asset diversification strategy, Primonial is targeting similar goals to its investments in healthcare properties where it has over €9 billion in assets under management.
Primonial’s investments in hotels will be made via the specialised company Hova Hospitality created and managed by Dominique Ozanne, chairman, and Gaël Le Lay, deputy CEO.
The partnership covers advisory services for the future acquisition of hotel assets in Europe and support for the management of hotel assets already held by the funds managed by Primonial valued at approximately €900 million.
“We have ambitious plans for the hotel sector. We want to become the leading player in this asset class in Europe, replicating our position in healthcare real estate. We’re very happy to sign a partnership agreement with Dominique Ozanne whose skill and performance history in the hotel sector in Europe are unanimously recognised,” Laurent Fléchet, chief operating officer at Primonial Group, said.
“I’m convinced that the partnership will be key to our future success in the sector in Europe by capitalising on our respective know-how and by leveraging our synergies.”