Real estate acquisitions

La Française Real Estate Managers acquires a hotel off-plan from BNP Paribas Real Estate Property Development to be operated by the RUBY HOTELS Group in the centre of Marseille (13)

18 July 2023

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On 23 June, La Française Real Estate Managers (REM), a real estate management company with close to €32 billion in assets under management (31/05/2023), acquired off market an off-plan 8,778 sqm (ground floor + 9 floors) mixed-use development from BNP Paribas Real Estate Property Development at 49-53 boulevard des Dames in Marseille.

Ideally located just a 10-minute walk from the Old Port of Marseille, a few minutes from Les Docks Village shopping centre and near the historic Panier district, the development is situated in a prime location. Easily accessible by public transport (Metro Line 2 - Joliette stop, Tram Lines 2 and 3 - République Dames stop), the mixed-use development will include a 237-room hotel with 7,582 sqm and a 945 sqm co-working space spread over three floors, as well as a 251 sqm pharmacy, which already exists and will not be altered by the project.

Designed by the GENSLER / Claire FATOSME & Christian LEFEVRE consortium and entirely redesigned by BNP Paribas Real Estate Property Development, the hotel will offer a host of upmarket services, including a rooftop terrace and lounge bar on the ninth floor. Delivery is scheduled for the end of 2025. After handover, the hotel and co-working space will be operated by the hotel operator Ruby Hotels. Established in 2013 and with sixteen existing properties and twenty more in planning or under construction, Ruby Hotels bases its offering on the concept of "Lean Luxury", with the aim of providing guests a high-end experience at an affordable price.

The complex will be certified BREEAM "Very Good" and will be connected to the Thassalia urban marine geothermal network. The project will be integrated into the "Booster du Réemploi" to promote the circular economy, and at least 5% of site hours will be reserved for the integration of vulnerable groups or populations that are excluded from the labour market, making it an exemplary project from both social and environmental perspectives.

Leslie Villatte, Director of Institutional Real Estate Investments and Development – France of La Française Real Estate Managers – Institutional Division, concluded: "The asset benefits from an ideal location that is consistent with the positioning of the Ruby Group, a first-rate tenant. It boasts a host of top-of-the-range facilities and excellent accessibility thanks to its location in the heart of the Marseille city centre. Moreover, this investment strengthens the diversification of our portfolio of tourism assets with the addition of a first-rate operator.

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