French private equity firm Extendam has acquired a portfolio of two hotels with 305 rooms in Noisy-le-Grand outside of Paris for an undisclosed price. The off-market transaction was reportedly negotiated throughout 2020, before closing this month. The portfolio includes the 144-room Novotel Marne-la Vallee and the 161-room Hotel ibis Marne-la-Valle Noisy. The properties are expected to undergo significant renovation works, with Extendam set to refurbish one quarter of the ibis’s rooms and all of the Novotel’s rooms.
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