French budget and midscale hotel group Castellet Hospitality has secured a further €30 million of funding from Three Hills Capital Partners,
The additional investment – which takes Three Hills’ commitment to Castellet to over €90 million – comes as Castellet progresses the purchase of three hotels in the southeast of France; Novotel Lyon Confluence, Hotel de Mougins and B&b Saint Jean de Maurienne. The hotels will add 261 rooms to Castellet’s portfolio, increasing it by 16 per cent. Following the acquisitions, Castellet will have 25 assets in its portfolio.
Why it matters
The additional funding from Three Hills not only indicates strong investor confidence in Castellet but also highlights the attractiveness of the budget and midscale segments, especially in hotspot tourist destinations such as the south of France.
What they said
Victor Benazech, managing director at Three Hills said: “Our latest €30 million round in Castellet reaffirms our dedication as a long-term investor in the company and our interest in the hospitality sector. As this new injection of capital underscores our partnership, it will support Castellet’s ambitious acquisition strategy, fortifying their presence in the southeast of France.