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Blackstone funds unload French hotel portfolio

Blackstone Group LP-managed real estate funds sold the France-based Simply Hotels Group to Mata Capital.

The sale is believed to be the largest portfolio deal in the country so far for 2017, and involves 45 budget and economic hotels with a total of 3,286 rooms. The properties are in Paris, Nice, Lyon and Marseille, with additional presence in regional business and leisure hubs, according to JLL Hotels & Hospitality, which advised the funds on the deal.

Mata Capital plans a "significant" investment program to renovate and reposition the assets.