France: The four-star Pullman Cannes Mandelieu Royal Casino has been acquired by Poseidon Hospitality, an entity owned by Luminare and Unik Capital Solutions.
Global real estate advisor CBRE advised on the sale on behalf of Joa Group, a French casino company owned by Blackstone and Kings Park Capital.
The Pullman Cannes features 213 keys and provides direct access to the beach. Facilities include a restaurant, several bars, casino, nightclub, an outdoor pool, fitness centre, and 19 meeting rooms.
Joa will continue its operation of the casino and Poseidon is set to reveal its plans for the hotel in the coming weeks.
Unik Capital’s CEO, Sylvie Maire Proia, and COO, Christophe Kadi 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 of 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.”
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.”
Sami Mendil, head of hotel investment properties for 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.”