Carlyle buys B&B Hotels from Eurazeo for €480m

first_img US PRIVATE equity firm Carlyle Group has snapped up B&B Hotels from French holding firm Eurazeo in a deal valuing the chain at €480m (£413m).Eurazeo announced in July it was in exclusive negotiations with Carlyle to sell the budget hotel chain.B&B Hotels is France’s third-largest budget hotel group after Accor and Louvre Hotels, which is owned by US investment group Starwood capital.The sale will generate proceeds of €184m for Eurazeo, based on estimated net debt at the end of September.B&B Hotels also operates in Germany and is expanding in Italy, Poland, Portugal and Hungary. In 2009, the hotel chain posted an 11.3 per cent rise in operating profit to €71m.Eurazeo has a portfolio of almost €4bn in assets, with major shareholdings in companies including hotel group Accor and wholesaler Rexel.Earlier this week Carlyle sealed a joint venture deal with Generation Estates, heralding a big push in the student accommodation sector.The group recently scrapped plans to sell US defence and aviation group Arinc, after failing to find a buyer for the firm. Carlyle, is now thought to be pursuing an initial public offering. Show Comments ▼ Share Carlyle buys B&B Hotels from Eurazeo for €480m Tags: NULL whatsapp whatsapp Wednesday 29 September 2010 11:30 pm KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img

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