Allen & Overy advises Extendam on the launch of FCPI Convert Hotel
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As part of the establishment of FCPI Convert Hotel, Allen & Overy has advised Extendam, a private equity firm specializing in economy and mid-range hotels in Europe, with a portfolio of more than 259 hotels with an asset value of EUR 2.4 billion.
The FCPI Convert Hotel, aimed at private or professional investors, will support the development of the French hotel sector with the mission of acquiring and transforming obsolete hotel assets in order to maximize their activity, in particular through the addition of complementary residential uses.
The FPCI Convert Hotel intends to raise between EUR 30 and 50 million per year, with entrance tickets of EUR 100,000. It will carry out one transformation operation per year and will have around ten assets. The work of transformation will be carried out both on the rooms, which will become more modular and thus allow a change of use over given periods, and on the common areas, which are larger and offer more services to meet a wider variety of needs.
The Allen & Overy team was composed of Antoine Sarailler (Partner) and Donia Keriche (Senior Associate) for the legal aspects of the operation, Guillaume Valois (Partner) and Ageu Pires (Associate) for the tax aspects.