Groupe Primonial: Primonial Group's real estate unit signs strategic hotel partnership with Dominique Ozanne

Primonial Group's real estate unit signs strategic hotel partnership with Dominique Ozanne Submitted 06/07/2021 - 9:34am Primonial's real estate unit has signed a strategic partnership with Dominique Ozanne covering 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 the Primonial Group, valued at approximately EUR900 million. As part of its strategy to diversify its asset allocation, the Primonial Group's real estate unit has ambitious plans for its growth in the hotel segment. The goals are comparable to the Primonial Group's investments in healthcare properties where it has been a pioneer and is now the leading European asset manager with over EUR9 billion in assets under management. To achieve its goals, the Primonial Group has chosen to surround itself with partners who have leading expertise in the hotel asset class. As part of the new partnership, the Primonial Group'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 Chief Executive Officer. Dominique Ozanne has over 18 years of experience in the hotel sector. He was previously the Chief Executive Officer of Covivio Hotels. He created, managed and grew the listed company, which has become the leader in hotel investment in Europe. Gaël Le Lay was appointed Deputy Chief Executive Officer of Covivio Hotels in 2013 after contributing to the launch of the hotel investment business at AXA Real Estate and spending eleven years with the Accor Group. Between them, Dominique Ozanne and Gaël Le Lay have carried out over EUR13 billion in hotel acquisitions. Laurent Fléchet, Chief Operating Officer of the Primonial Group, says: "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. 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." Dominique Ozanne, Founder and Chairman of HOVA Hospitality, says: "The Primonial Group has been one of the most dynamic players in real estate investing in Europe over the past ten years. We're delighted with this first partnership with the Primonial Group's talented teams because we share the same entrepreneurial culture focused on growth. With the recovery in the hotel sector, we're convinced that the time is right to invest in this exciting sector which has strong fundamentals and a promising outlook." Like this article? Sign up to our free newsletter Related Topics Deals & Transactions