CITY Developments Limited : C09 0% (CDL) has acquired Hilton Paris Opera Hotel from funds managed by Blackstone for 240 million euros (S$350.2 million), it said on Tuesday (May 14).
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 square metre (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 extensive renovations in 2015 under a 43.4 million euro refurbishment programme.
It is minutes away from the Galeries Lafayette and Printemps department stores, within 2 km 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 Paris 2024 Olympics, and bolster our recurring income with potential for value-add.”
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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.
Both of these hotels are owned and operated by Millennium & Copthorne Hotels, CDL’s wholly owned hotel subsidiary.
