KKR’s managed funds and accounts have committed roughly €300 million in whole‑loan financing to EPISO 6, a fund run by Tristan Capital Partners. The loan is structured to back Tristan’s June 2025 purchase of easyHotel, a pan‑European budget‑hotel operator valued at more than €400 million. The financing is secured by a portfolio of 48 owned, leased and franchised hotels that together provide 4,700 rooms across the United Kingdom, Ireland, the Netherlands, Belgium, France, Spain, Switzerland, Germany, Portugal, Hungary and Bulgaria.
The €300 million facility is intended to fuel easyHotel’s expansion plans, which include adding new hotels, renovating existing properties and investing in capital expenditures across the continent. Tristan’s strategy is to double easyHotel’s portfolio by 2027, and the capital from KKR will accelerate that timeline. KKR’s head of European real‑estate credit, Ali Imraan, said the deal underscores the firm’s confidence in the resilience of the budget‑hotel segment and the long‑term strength of the European travel market.
KKR’s involvement signals a broader shift in its European real‑estate credit strategy, which has seen a surge in hospitality lending since late 2022. By providing flexible capital to a sponsor with deep sector expertise, KKR is positioning itself to capture upside from the recovering travel demand that has driven robust growth in value‑focused accommodation. Tristan, meanwhile, is leveraging the loan to consolidate its position as a leading investor in the middle‑market hotel space, following its earlier acquisition of the Point A brand.
The deal also reflects the broader market dynamics that have made budget hotels attractive. Economic pressures and a shift toward cost‑conscious travel have increased demand for affordable lodging, creating tailwinds for easyHotel’s business model. KKR’s financing, therefore, not only supports a strategic acquisition but also aligns with the firm’s thematic focus on income‑generating, long‑term assets in resilient sectors.
Management comments highlight the strategic fit: Imraan noted that the easyHotel portfolio offers broad geographic diversification and a proven model in a resilient segment, while Tristan’s leadership emphasized the importance of capital to accelerate growth and capture market share in a competitive landscape.
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