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Goldman Sachs buys B&B Hotels for €1.900M
23 May 2019 | Vanessa Sousa

American bank Goldman Sachs has already closed the purchase of French hotel chain B&B Hotels.

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In this operation alone – which should be concluded during this year’s second semester -, private equity fund Pai Partners, its current owner, will receive 1.900 million euro.

This hotel chain is present in 12 countries and the Iberian market is no exception. In Spain alone, it has around 31 hotels and more than 3.000 rooms, advances Spanish newspaper elEconomista this Wednesday. In Portugal it opened, last Summer, its first unit, B&B Hotel Cantanhede, in Coimbra, and it is preparing to open its second unit B&B Hotel Lisbon Airport, which represents a 15 million euro investment.

The results in the Iberian Peninsula are encouraging for the hotel chain: its sales increased 45%, reaching 41.8 million euro at the end of last year. Given these results, it is in the company’s plans to invest in these two countries in the coming years. The company plans to increase in 33% its hotel offer in Spain and to invest a total 70 million euro in three more hotels in Portugal, namely in Matosinhos, Vila Nova de Gaia and Viana do Castelo, according to Portuguese newspaper DinheiroVivo.

Currently, B&B Hotels has consolidated its position as a low cost hotel chain. It has around 481 hotels across the world and, according to the Spanish newspaper, it grossed 580 million euro at the end of last year.

«We are proud for having contributed to B&B’s growth in the last three years. This company is an excellent example of entrepreneurship and B&B is now a great European platform which offers high quality in its market segment», comments Gaëlle d’Engremont, partner at Pai Partners, to the same newspaper.

Pai Partners’ goals for 2020 are to reach 620 units and 55.000 rooms.