CBRE Advises on Sale of the Pullman Cannes Mandelieu Royal Casino
Global real estate advisor, CBRE, has advised on the sale of the Pullman Cannes Mandelieu Royal Casino on behalf of Joa, a leading French casino company owned by Blackstone and Kings Park Capital.
The hotel was acquired by Poseidon Hospitality – an entity owned by Luminare and Unik Group.
The 4* hotel featuring 213 keys was built in 1981 and is one of the only hotels of this size in Cannes with direct access to the beach. Its food and beverage offering, conference facilities (19 meeting rooms and a divisible 700 sq m seminar room), fitness room, outdoor pool and solarium, and other amenities make it perfectly suited to the tourist and corporate clientele of the city of Cannes Mandelieu.
Sami Mendil, Head of Hotel Investment Properties, France at CBRE said: “We are very pleased to have been able to complete this transaction in a complex context and to have made it possible to secure a favourable exit and a bright future for the hotel.
“The Hotels team, combining the best of local and international expertise across CBRE’s European platform, has once again demonstrated its ability to navigate complex fundamentals and strategic subjects of major importance.”
The sale reflects the interest of investors in large-scale hotels with repositioning potential. Poseidon Hospitality will present its ambitious plans for the hotel in the coming weeks. Joa will continue its operation of the casino.
Laurent Lassiaz, CEO at Joa Group, said: “The sale of the Pullman Hotel in Cannes Mandelieu marks the beginning of a superb development project for this unique site. With the future relocation of the casino within the new project, in a larger space, we plan to transform this venue into a flagship casino of the French Riviera, in addition to the complete renovation of its neighbour, the JOA Casino in Antibes La Siesta.”
Sylvie Maire Proia & Christophe Kadi (Unik Group and Co-CEO of Poseidon) said: “This acquisition completes our investment strategy in Europe by selecting prime real estate assets. The final project of this hotel will be ‘Unik’ with its new design and positioning.”
Bruno Bruchon, President, Luminare, said: “This transaction represents much more than a deal. This investment is a perfect illustration of our DNA: a new look, a wind of freshness, and even a little craziness. We like to make our investments more ambitious and reveal their true potential to create even more value. Thank you again to all those who have accompanied and helped us conclude this great transaction.”