Christie & Co has sold another asset in the city of Nice on the French Riviera, the Novotel Nice Centre Hotel. Christie & Co, the European hotel property advisor, acted on behalf of AccorHotels Group and its Middle-eastern majority shareholder.
The hotel has been purchased by Oletis Group, which has taken the asset to reinforce its portfolio in the South of France.
The 4-star Novotel Nice Centre hotel boasts 181 guestrooms and is situated next to the Nice Congress and Exhibition Centre. It attracted the interest of many investors when it was brought to the market and numerous offers were received. This asset, which was sold for over €20m, is one of the largest single asset hotel deals that occurred over the last years in Nice.
Maxime Dubois, Head of Corporate Hotels at Christie & Co France commented, "This sale is a prime quality investment thanks to its situation in the heart of Nice, its diversified customers-mix, its excellent operational results and its large room count."
"Nice is the leading hotel market after Paris and represents a robust tourist destination as it attracts both French and international customers coming for leisure, congress and business and this sale illustrates the attractiveness and the dynamism of the local hotel market."
The buyer made the decision to keep the Novotel brand and will improve the property facilities by leading a renovation plan, beginning with the public areas of the hotel.