Eurazeo Finalizes Sale of Stake in Spanish FST Hotels

Eurazeo has completed the sale of its stake in FST Hotels to Extendam, a European private equity leader. The portfolio includes three hotels in Madrid and Barcelona, with 543 rooms. This sale concludes an investment cycle that began in 2022 when Eurazeo, with a joint venture partner, acquired FST Hotels. Initially, the group comprised five hotels with 800 rooms under the Ayre brand.

The joint venture focused on transforming and repositioning the remaining hotels through renovation and rebranding. These efforts increased their appeal to international tourists, amid rising tourism in Spain. The hotels are now under InterContinental Hotels Group brands, enhancing global recognition.

Eurazeo emphasized sustainable growth by incorporating energy-efficient measures in the renovations. The hotels will continue operations under Grape Hospitality, Eurazeo's hotel platform. The sale aligns with the latest NAV, with distributions totaling €100 million, including €50 million to Eurazeo.