Chinese firm buys Paris Marriott for $554m
Hotel on Champs-Elysees sold by Abu Dhabi sovereign wealth fund
A subsidiary of the Abu Dhabi sovereign wealth fund has completed the sale of the Paris Marriott Hotel Champs-Elysées for €433.5 million (US $553.74 million).
Hong Kong-based Kai Yuan Holdings purchased the landmark property from Tamweelview European Holdings. JLL’s Hotels & Hospitality Group acted as the transaction advisor for the vendor.
Constructed in 1914, the five-star hotel has 192 rooms, including 25 suites. Marriott will continue to operate the property as part of a long-term management agreement.
JLL’s Hotels & Hospitality Group executive vice president in Singapore Nihat Ercan said: “This sale confirms the increasing interest from Asian capital for assets in Paris and the attractiveness of European key gateway cities for high-profile real estate investments.
According to a Hong Kong Stock Exchange filing from June, when the deal was first announced, Paris Marriott Hotel Champs-Elysées has had an occupancy rate of over 88% over the past three years.