BNP Paribas has bought Club Med Alpe d'Huez for an undisclosed sum from Lagune, an investment vehicle managed by Luxembourg-based Batipart.
The asset will sit in its Accimmo Pierre SCPI, France’s equivalent of a REIT.
Operated by Club Med since its opening in the 1980s, the resort underwent a renovation and extension program in 2019 allowing the operator to upgrade the establishment, which now from 3 to 4 tridents, in line with Club Med's global strategy.
Located at an altitude of 1,860 meters and at the foot of the ski area, the asset offers 442 rooms over 38,400 m².
Accimmo Pierre is a fund which mainly invests in new or recent office buildings which meet current environmental standards, but which also diversifies its portfolio by investing in shops, warehouses, business premises and outdoor accommodation. Its assets are mainly based in Paris and the Paris region and then in the major regional cities.
What They Said
Claire Grandin, deputy director of investments at BNP Paribas REIM France, said: “This investment illustrates our belief in the resilience of mountain hotels in resorts with strong tourist appeal, both in winter and in summer. This acquisition is part of an objective to diversify the assets of the SCPI Accimmo Pierre in one of the major sectors of the French economy, with a high quality asset, completely restructured, certified BREEAM level Good and Green Globe and entirely let to a leading player that is sustainable.”