Odalys, the number 2 company in the tourism property sector across France and Europe, is about to open 35% of its capital to the Chinese Group Hywin. The main objective of this partnership is to develop the tourism industry in China.
A leading force in the tourism market
Odalys was created in 1998, and developed its presence ever since to become a leading force in the tourist accommodation market, just behind the Pierre & Vacances-Center Parcs. The company owns 377 resorts including 269 in France and another 108 scattered across Spain and Italy. Undoubtedly a successful company! In 2015, Odalys resorts welcome 2.3 million holidaymakers, that translated into a turnover of 246 million euros.
The company manages properties for private investors, companies or communities through a commercial lease agreement or a mandate. For example, international company Sextant Properties currently own numerous homes including apartments in Odalys resorts.
Here is a shortcut to the list of French leasebacks that we have for sale across Odalys resorts, they are run on a Let & Managed basis so all is really taken care of for you.
A Franco-Chinese alliance
Eric Duval, founder of the Financiere Duval Group and owner of 85% of Odalys shares, announced on Monday, 20th June that the company will open 35% of its capital to the Chinese Hywin Group. It is a financial conglomerate based in Shanghai with fund assets under management of 11 billion euros. Eric Duval added that this shareholding acquisition will be made through share repurchasing to existing shareholders.
For the Chinese Group, this partnership represents a first step in the tourism industry. Created in 1989, this company was, until now, only active in the financial sector. According to Eric Duval, its family nature was a key factor for this successful negotiation.
The Franco-Chinese partnership will also lead to the creation of a joint venture in Shanghai, China. The capital will be held at 65% by Hywin and 35% by Odalys. The aim for both companies is to develop 100 tourism resorts within 10 years, close to great cities like Beijing and Shanghai. The first resort will materialise in 2018.
This Franco-Chinese alliance is yet to be approved by central authorities in China, a positive outcome is expected for both companies before October 2016. Please sign-up to our newsletter if you’d like to be informed on future updates.