Moor Park Real Estate, the private equity real estate firm that spun out of the Japanese bank Nomura last year, is buying a portfolio of 91 hotels in Germany and the Netherlands for €868 million ($1.1 billion) from Accor.
Moor Park is buying the package of properties, which includes 72 hotels in Germany and 19 in the Netherlands, and has agreed to lease them back to Accor on 12-year renewable leases, which will allow the hotel group to continue to operate the assets.
The agreement is in the form of a memorandum of understanding and covers properties trading under the Novotel, Mercure, Ibis and Etap brands. It follows similar deals by Accor in France, Belgium and the UK.
In the latest “sale and management-back” deal, the rent will be linked to hotel revenue, equating to an average of 18 percent of annual sales.
Moor Park is led by Gary Wilder, the former head of asset finance at Nomura who left last year to set up his own platform. Its debut fund closed in December. Private property company London & Regional is a cornerstone investor.
The hotel acquisition follows the firm’s debut transaction, the purchase of 85 properties operated by Germany’s second biggest home improvement chain Max Bahr for €1 billion. Moor Park teamed up with retailer Praktiker to buy the operating business and split the operating company from the real estate. The deal closed last month.
Wilder is joined at Moor Park by Jagdeep Kapoor and Shemeel Khan.