Tristan acquires easyHotel for €242m
Tristan Capital Partners, a UK-based private equity real estate investment firm, has agreed to acquire 100% of easyHotel’s share capital for around €242 million through its European Property Investors Special Opportunities 6 (EPISO 6) fund. The transaction was announced at the start of May and is expected to be completed in the coming weeks, subject to shareholder approval.
The deal sees Tristan take control of the pan-European budget hotel chain from a consortium of existing shareholders. These include Citrus Holdco, a holding vehicle for Luxembourg-based real estate fund manager ICAMAP and Canadian institutional investor Ivanhoé Cambridge, as well as easyHotel founder Sir Stelios Haji-Ioannou, who held a 17.38% stake.
ICAMAP, headquartered in Luxembourg, focuses on European real estate investment opportunities. Ivanhoé Cambridge, based in Montreal, is a global real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s largest institutional fund managers.
The transaction values easyHotel at around €49,000 per room. The group operates nearly 50 hotels across 11 European countries, comprising about 4,900 rooms. Of these, 32 properties are owned or leased, and 17 are franchised.
easyHotel is also expanding its footprint, with new properties under development in Alicante, Barcelona, Madrid, and Valencia. These developments are supported by financing from CaixaBank, Santander UK, and BRED Banque.
“Tristan’s funds have established a leading presence in the European budget hotel sector, with this transaction bringing the total committed hotel investments to in excess of €1 billion to date,” said Kristian Smyth, managing director of investments at Tristan Capital Partners.
“The budget hotel sector forms a core part of Tristan’s European investment theses, reflecting the firm’s conviction in the long-term growth potential of this under-represented sector.”
Legal advisers to the deal included Bryan Cave Leighton Paisner for Tristan and Skadden, Arps, Slate, Meagher & Flom for the sellers. As part of the transaction, easyGroup will continue to license the brand to easyHotel’s new owners under a royalty arrangement.
Tristan Capital Partners said the deal forms part of a broader strategy to grow its exposure to the European budget hospitality sector, particularly in France and Spain. The firm, which is regulated by the UK Financial Conduct Authority and manages over €10.5 billion in assets, has now committed more than €1 billion to hotel investments across Europe.
