ASHG expands European hotel portfolio with acquisition of FLI Group, a portfolio of eight hotels in Belgium

1 Oct 2024 - ASHG (Alchemy Step Hotel Group) is proud to announce the acquisition of FLI Group, a portfolio of eight hotels in Belgium. ASHG is an investment partnership between Alchemy Special Opportunities LLP and Step Partners GmbH, focused on investments in the European hotel sector.

FLI Group's portfolio consists of 8 hotels, operating under leading hotel brands in key Belgian destinations: Mercure Liège City Centre, Mercure Antwerpen City South, Holiday Inn Express Antwerpen City North, Holiday Inn Gent Expo, Holiday Inn Express Hasselt, Holiday Inn Hasselt, Mercure Antwerpen City Centre and Astoria Hotel Antwerpen.

This acquisition represents a strategic expansion of ASHG and strengthens its presence in the European hospitality market. ASHG plans to increase the value of these assets through a series of asset management initiatives, including renovations and repositioning of selected properties. With this acquisition, ASHG's portfolio will now consist of 13 hotels with more than 1,800 rooms across Belgium and Germany.

"We are delighted to integrate FLI Group into the ASHG portfolio," said Steven Lewerenz, a spokesman for Step Partners. "This acquisition is an important step forward in our growth strategy, expanding our presence and strengthening our leadership in the European hospitality sector."

ASHG is actively seeking further hotel investment opportunities across Europe as it continues to build a leading portfolio of hotels under globally recognised brands such as Marriott International, Accor and IHG. ASHG's hotels are managed by Step Partners under long-term management agreements.

JLL acted as M&A advisor to the seller. JLL also arranged the financing for ASHG.