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Europe: Edgar Suites, an investor, developer, and operator of aparthotels, has secured €180 million from Crédit Agricole CIB, BNP Paribas, and Société Générale.
The transaction will allow Edgar Suites to:
- Refinance its portfolio
- Fund future development in Málaga, Valencia, Paris and the French Riviera
- Support the company’s target of reaching 4,000 units (including pipeline) by 2030
The transaction is structured as senior debt with a maturity extending to 2031. The financing is designed to accelerate growth and covers 10 assets: seven in France, three in Spain, approximately 800 hotel rooms. The majority of the financing (80 per cent) qualifies as green financing.
Cyrille Fromentin, CFO of Edgar Suites, said: “This transaction reflects the financial strength Edgar Suites has achieved and provides the means to pursue our expansion across Europe. It rewards the collective effort to build a sustainable model and confirms the institutional status of this new asset class.”
Xavier O’Quin, president and co-founder of Edgar Suites, added: “This bank financing sends a strong signal to our sector and is a source of immense pride for our teams. It provides the means to realise our European ambitions and validates our strategy as a long-term developer and operator. Our model demonstrates that it is possible to combine growth and financial profitability with a commitment to more responsible tourism in the regions where we operate.”
Edgar Suites was advised by Eastdil Secured (financial advisor). Legal and tax advice was provided by Archers and Arsene Taxand in France, and by Pérez-Llorca in Spain. Lexfair acted as notary advisor, and CBRE conducted the real estate valuation of the assets.
The company’s current portfolio includes 28 aparthotels (either in development or operation) representing 1,500 hotel rooms.
In 2021, Edgar Suites completed a €104 million funding round with Proprium Capital Partners. Over the past four years, Edgar Suites has completed more than €330 million in real estate acquisitions, buying 11 aparthotels representing nearly 900 rooms.
Highlights:
- Edgar Suites has secured €180 million in senior debt financing from Crédit Agricole CIB, BNP Paribas and Société Générale to support its European aparthotel expansion.
- The financing will refinance Edgar Suites’ existing portfolio and fund new aparthotel developments in Málaga, Valencia, Paris and the French Riviera through 2031.
- The transaction covers 10 hospitality assets across France and Spain, representing approximately 800 hotel rooms, with 80% of the financing qualifying as green funding.
- Edgar Suites is targeting 4,000 aparthotel units, including its development pipeline, by 2030 as part of its long-term European growth strategy.
- The company’s current portfolio comprises 28 aparthotels in operation or development, representing 1,500 hotel rooms, following more than €330 million of real estate acquisitions over four years.
