London, UK. (August. 1, 2018) – The London office of Westside Capital Group (“Westside”) announced today that it has completed the purchase of Ibis Hotel Pilsen from an affiliated company of Accor S.A. (“Accor”), the largest hotel group in the world outside of the United States.
The 130-room hotel is located in the western Czech Republic in the city of Pilsen. Pilsen is a key tourist destination with a diverse range of cultural attractions and leisure facilities. The city is most famously known for Pilsner Urquell Brewery, specializing in bottom-fermented beer since 1842.
Westside and Accor have agreed on “a sale and manage-back” transaction where Westside will now own the property, and an affiliated entity of Accor will continue managing the operations. Westside will focus on ongoing value added management initiatives and moderate value added improvements to the property with a long-term ownership strategy.
Jakub Hejl, Westside’s Founder & President, commented: “We are excited about this acquisition, and we continue to look for opportunistic risk-adjusted acquisitions in Western and Central Europe. This acquisition is an example of our ability to acquire properties at significant discounts to replacement costs; create value for our stakeholders, and contribute to the community by further investing in the properties.”
ABOUT ACCOR S.A.
Accor S.A using the brand name AccorHotels, is a French multinational hospitality company that owns, manages and franchises hotels, resorts, and vacation properties. It is a constituent part of the CAC 40 index on the Paris Bourse. Accor is the largest hotel group in the world outside of the United States. Email: email@example.com
Westside is a diversified real estate investment holding firm with a proven track record in real estate private equity investments, construction & development management and venture capital investments. Founded in 2016, Westside leverages big ideas in small timelines out of its US and European offices. Westside generates attractive returns on capital by defensive, value-added investing in traditional real estate asset classes. It targets cash-flowing properties at discounts to replacement costs with additional non-underwritten upside. It creates value through active management and targeted capital initiatives. Westside establishes individual investment platforms within the firm with a particular desire to strengthen economies of scale, operating expertise, and exit optionality. It’s strategy within asset classes, capital structures and markets, shifts based on macro-economic considerations. For more information about Westside, please visit www.westsidecg.com.
Media Relations: Rachel