6 June 2023
MIMCO Asset Management acquires the Kyriad Deauville hotel in Saint-Arnoult, France
Publié
06/06/2023

MIMCO Asset Management has just announced the acquisition of the 3-star, 53-room Kyriad Deauville hotel in Saint-Arnoult, a town near Deauville, on behalf of its MIMCO Revitalize fund.


The acquisition of this hotel, leased under a firm commercial rental agreement with a residual term of 5 years, represents a 7% deed-in-hand yield.


This latest acquisition illustrates MIMCO Asset Management’s strong conviction in the hotel real estate market. While this sector was one of the hardest hit by the health crisis, it has proved resilient, particularly the « economy » and « super-economy » segments, which have attracted local and business customers.


This asset also benefits from an ideal location since Deauville, on the Normandy coast, is a popular tourist destination for its architecture, American film festival and stylish seaside resort. It is also a major economic hub for the region, thanks to its casino and convention center. This acquisition fits perfectly with MIMCO Asset Management’s strategy to focus on dynamic markets with high growth potential.


Over the next few years, the group plans to renovate and upgrade the site. These improvements will enable us to better meet the new expectations expressed by users, particularly with regard to the environmental aspect, which is one of the Group’s priorities in terms of global strategy.


« We are delighted to acquire this Kyriad hotel, which offers significant potential for value creation over the medium term. We are convinced that Deauville is a key tourist destination, and that the hotel’s solid fundamentals make it an attractive investment opportunity for our Revitalize fund, » adds Ara Adjennian, Managing Director and Partner of MIMCO AM.


This acquisition is a concrete example of our investment strategy focused on creating added value for investors. The MIMCO Revitalize fund is expanding rapidly, with strong asset growth and solid performance. This new acquisition strengthens the fund’s portfolio and contributes to the ongoing growth of MIMCO Asset Management « , underlines Christophe Nadal, co-founder and Chairman of MIMCO AM.


MIMCO Asset Management would like to thank its partners in this project: Maître Macha Boccara Baumer for the legal aspects, R&D Notaires for the notarial aspects and IREO for the technical aspects. Financing is provided by Banque SOCFIM.


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