Paris, November 20, 2025
The somnOO group announces that it has finalized the acquisition of 123 IM’s stakes in four hotels previously held through a co-investment structure. Already operated by somnOO, these properties now fully join its portfolio as majority-owned assets, including both real estate and operations.
This transaction highlights the strength of the partnership model built between the two parties—rooted in transparency, aligned interests, and value creation. It enables 123 IM to secure a return on investment consistent with the initial commitments, with managed liquidity, while enhancing somnOO’s ability to consolidate its key assets.
The four hotels involved benefit from strong locations, identified development potential, and teams already well integrated into the somnOO operating model:
Since the beginning, somnOO and 123 IM have built a relationship based on aligned interests and a clear, strategic investment vision. The acquisition of 123 IM’s shares aligns with this framework: it demonstrates somnOO’s ability to meet its predefined liquidity commitments, as established at the outset of the partnership. It also reflects the mutual trust that has characterized their collaboration.
Lars Backhaus et Christian Rousseau, founders of somnOO, state:
“By becoming majority shareholders, we strengthen our portfolio while reaffirming our ability to provide partners with reliable and predictable liquidity. Our collaboration with 123 IM is exemplary, driven by a shared objective. This transaction confirms our long-term vision and our ambition to sustainably elevate each of our hotels.”
Pierre Dupuy Chaignaud, Executive Board Member and Managing Partner at 123 IM, adds:
"We are very pleased with this collaboration with somnOO. This transaction illustrates the strength of the model we have built together: a clear, effective partnership based on transparency and value creation. This exit once again confirms somnOO’s ability to honor its commitments and demonstrates the relevance of our shared strategy."
We would like to thank the partners involved in making this success possible:
Founded in Paris in 2001, 123 Investment Managers is a diversified platform specializing in unlisted assets for private and institutional investors. Through five subsidiaries dedicated respectively to financing French mid-caps/SMEs, energy transition, yield-driven real estate, tax-efficient assets in French overseas territories, and multi-management, the group has accumulated more than €4.5 billion in unlisted assets since its creation. With more than 90 employees offering complementary expertise, 123 IM provides a comprehensive solution tailored to the needs of every investor.
Founded in 2014, somnOO owns and operates a portfolio of over 60 hotels in France and Germany. Its European “owner & operator” strategy is structured around two cycles: cycle 1 as an operator and minority shareholder, and cycle 2 as an “owner-operator” with full ownership. This positioning—combining property ownership and operational control—ensures resilience, alignment of interests, and long-term value creation.