Aurelius sells Ghotel to trade for €63m

The transaction is expected to close in Q1 2020.

Aurelius wholly acquired Ghotel, then known as Deutsche Post Wohnen, in March 2006 from Deutsche Post in a corporate carve-out intended to allow Deutsche Post to focus on its core businesses. The portfolio consisted of 18 hotels and 10 hostels at the time of the sale. Dirk Markus, CEO of Aurelius, took a non-executive position as board chairman.

The company made a number of add-on acquisitions during the investment period, including seven facilities bought since 2016 as part of business succession solutions, according to a statement. Ghotel acquired German market peer Arcadia in September 2018, as reported by Mergermarket. Aurelius invested an additional €7m into the company during the investment period, according to a statement.

The GP said in a statement that the sale will generate a positive earnings effect of almost €50m in 2020. The GP will achieve a total liquidity-related return of approximately €73m.

Aurelius declined to comment.

Company
Ghotel operates three- and four-star hotels in Germany, across 17 locations. It also operates a number of facilities under the Holiday Inn and Nestor franchises, in addition to its own Ghotel Home and Living brand. It plans to open eight additional hotels between now and 2023.

The company generates revenues of €60m. The company was established in 2000 in its original form, Deutsche Post Wohnen, and recorded revenues of €20m in 2005 at the time of the sale to Aurelius. It is headquartered in Bonn.

People
Aurelius – Dirk Markus (CEO).

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