SINGAPORE: City Developments Limited (CDL) has acquired Hilton Paris Opera Hotel from funds managed by Blackstone for €240mil (US$260mil).
The acquisition was completed by Copthorne Hotel, the mainboard-listed property developer’s wholly owned subsidiary. The 268-room historic hotel, which opened during the 1889 World’s Fair in Paris, is located at 108 Rue Saint Lazare in the 8th Arrondissement, one of the city’s main business districts.
It sits on a 3,260 sq m site with 18,339 sq m in gross floor area. The freehold property boasts four food and beverage outlets, two leased retail units, a fitness centre and eight conference and meeting rooms. It underwent a €43.4mil refurbishment programme.It is minutes away from the Galeries Lafayette and Printemps department stores, within 2km of key Parisian tourist attractions such as the Louvre, Montmartre and Sacre-Coeur cathedral, and 15 minutes from the Eiffel Tower.
CDL executive chairman Kwek Leng Beng said: “This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the 2024 Paris Olympics, and bolster our recurring income.”
The deal brings the developer’s number of hotels in the French capital to three. The other two are the 163-room M Social Hotel Paris Opera and the 239-room Millennium Hotel Paris Charles de Gaulle. — The Straits Times/ANN