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Funding
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Mezzanine, Refinancing Operating Hotel in Courchevel, France

Courchevel
,
France
DEAL
001077
POSTED ON
September 9, 2020
INVESTMENT SUMMARY
IRR
9%
Multiple
1.25x
LTV
40%
First Year CoC
9%
Stabilised CoC
9%
Status
Funding
Deal #
001077
Asset Class
Hospitality
Strategy
Core
Capital Type
Mezzanine
Deal Size
80.9
m
Investment Size
5.3
m
Holding Period
28 Months
INVESTMENT HIGHLIGHTS
  • A unique investment opportunity for a luxury hotel situated in one of the worlds most prestigious ski resorts - Courchevel, France. A rare opportunity to fund a desirable project by leading real estate developers and hospitality experts.  
  • The luxury 4* hotel features 60 keys in a six-story luxury and family-orientated hotel and ski resort, suitable for single or family visitors with onsite dining facilities and direct access from the front of the hotel to an operable ski lift. The 60 Key hotel is part of a 127-key complex that also contains 90 residences that are operated as part of the hotel. The property also contains an additional 15 residences reserved for staff accommodation and 120 parking spaces.
  • The hotel is made up of studio rooms and suites ranging from 2 to 6 beds; with larger sized rooms on average to appeal to families. Each room is decorated in a traditional French chalet style and benefits from superb alpine views of the surrounding mountain area.
  • The hotel was recently built and opened in mid-December 2019 to great success with the hotel doubling their forecast revenue for the opened period. A recent valuation of the hotel by CBRE performed in March 2020 valued the hotel in €80.9m. Upon opening the hotel was refinanced with Senior debt amounting to €22m and Mezzanine loan of €10.4m making total leverage 40% LTV.  
  • The current mezzanine lender is looking to reduce its current loan as it requires to deploy capital in other projects in their portfolio. For this they are looking to onboard another investor that can take 50% of their current loan, €5. 3m for a remaining period of 28 months until December 2022 at a 9% annual interest rate. The mezzanine ranks second ranking against the hotel and first ranking against a portfolio of 15 apartments with value of €9.55m.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Enterprise Sponsor
The Sponsor is a leading French developer founded in 1998 which owns and operates over 30 retail and hospitality companies and has built over 200 buildings across France.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Core
Asset Class
Hospitality
LTV
40%
Deal Size
80.9
m
Closing
Nov 2020
Capital Type
Mezzanine
Investment Size
5.3
m
Net IRR
9%
Multiple
1.25x
Holding Period
28 Months
INVESTMENT DETAILS
  • A unique investment opportunity for a luxury hotel situated in one of the worlds most prestigious ski resorts - Courchevel, France. A rare opportunity to fund a desirable project by leading real estate developers and hospitality experts.  
  • The luxury 4* hotel features 60 keys in a six-story luxury and family-orientated hotel and ski resort, suitable for single or family visitors with onsite dining facilities and direct access from the front of the hotel to an operable ski lift. The 60 Key hotel is part of a 127-key complex that also contains 90 residences that are operated as part of the hotel. The property also contains an additional 15 residences reserved for staff accommodation and 120 parking spaces.
  • The hotel is made up of studio rooms and suites ranging from 2 to 6 beds; with larger sized rooms on average to appeal to families. Each room is decorated in a traditional French chalet style and benefits from superb alpine views of the surrounding mountain area.
  • The hotel was recently built and opened in mid-December 2019 to great success with the hotel doubling their forecast revenue for the opened period. A recent valuation of the hotel by CBRE performed in March 2020 valued the hotel in €80.9m. Upon opening the hotel was refinanced with Senior debt amounting to €22m and Mezzanine loan of €10.4m making total leverage 40% LTV.  
  • The current mezzanine lender is looking to reduce its current loan as it requires to deploy capital in other projects in their portfolio. For this they are looking to onboard another investor that can take 50% of their current loan, €5. 3m for a remaining period of 28 months until December 2022 at a 9% annual interest rate. The mezzanine ranks second ranking against the hotel and first ranking against a portfolio of 15 apartments with value of €9.55m.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to enter in the capital structure of an operational 60-room 4-star hotel in ski resort town of Courchevel, one of the most sought-after ski resorts in France. Investor loan will carry a 9% PA rate over a 28-month term, serviced at end of term. The hotel has a value of €80.9m and an LTV of just 40%.
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