French hotel owner, operator and manager Grape Hospitality has agreed to divest two Novotel-branded hotel properties, including operations, for a total of 83 million euros ($92.3 million).
Grape Hospitality plans to sell the hotel properties, with a total of 421 rooms in the Hague, the Netherlands, and Hannover, Germany, to Swedish hotel property company Pandox AB.
The deal is anticipated to close during the fourth quarter of 2019. More so, the assets, the Novotel Den Haag World Forum and the Novotel Hannover, will further be managed by Grape Hospitality.
For full-year 2020, the Novotel Den Haag World Forum and the Novotel Hannover are expected to contribute circa $18 million in sales and about $6 million in net operating income.