SomnOO and 123IM unwind their first joint operation of 2016, the
constitution of a portfolio of 4 hotels in Eastern France.

123IM Funds contributed €6.7m of equity in these acquisitions alongside SomnOO. The four hotels (operations & real estate) are located in Alsace and Haute Savoie, with a total of 287 rooms: the 3-star Ibis Colmar Est (Horbourg-Wihr), the 3-star Ibis Strasbourg Aéroport Lingolsheim, the 2-star Ibis Budget Colmar and the 1-star Première Classe Annecy. At the time of the acquisition, these hotels generated €4.6 million in net revenues and the implementation of SomnOO's
management system has enabled them to exceed €5 million in net revenues in 2019, all by improving their operating
profitability.

The transaction was unwound under the conditions initially negotiated and allows SomnOO to consolidate its fully owned hotel division. This unwinding also validates the financial model of SPVs, i. e. the transformation of a minority holding into a majority holding via the refinancing of real estate assets. This transaction, structured in the midst of a health crisis and finalised in Q3 2020 with the implementation of a debt arranged by the group's historical banks, validates the intrinsic quality of SomnOO's management.

Founded in 2014 by Lars Backhaus and Christian Rousseau, SomnOO operates a portfolio of more than 45 hotels in France and Germany, alongside blue-chip investors. SomnOO's ambition in 5 years is to manage around 100 hotels, 40 of which are majority owned.