Greek real estate investment company The Azur Selection has forayed into the French market with the acquisition of three hotels in Cannes.
The deal marks The Azur Selection’s first foray outside of Greece, building upon its growth within the hospitality sector.
The acquisition involves a 100% takeover of the share capital of Hôtels Du Groupe Boucau, whose portfolio of hotels includes Hotel Cezanne Cannes, Hotel Renoir Cannes and Hotel Verlaine Cannes.
The Hotel Cezanne is a boutique hotel with 29 rooms and suites, a fitness room and Terraké SPA featuring a whirlpool, Hammam, and treatments, among others.
Hotel Renoir provides a range of luxury double rooms with sizes ranging from 20m² to 50m².
Other facilities at the property include breakfast, bar, internet and more.
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Hotel Verlaine is a four-star boutique hotel with 46 rooms spread across two buildings along with a wide array of amenities.
The Azur Selection Chairman Georges Arvanitakis said: “We are reaching a significant milestone in our company’s growth journey by preparing to acquire three prestigious hotels in Cannes.
“This acquisition aligns perfectly with our vision to offer unparalleled experiences and create lasting memories for our guests.”
The Azur Selection noted that it will finance the deal through a bank loan,
This move comes shortly after The Azur Selection acquired two hotels, namely Azur Volos and Azur Meganisi, in Greece last December.
The company currently includes a diverse portfolio of hotels and a shopping centre, including Azur Boutique Hotel, MyMall Mykonos and Livin Mykonos Boutique Hotel, among others.