Henderson Park has bought a Paris hotel for its $500m (€465m) investment platform.

The firm, founded by Nick Weber, has acquired the Le Méridien Etoile hotel, the largest in Paris, from Mount Kellett Capital Management and Cedar Capital.

Henderson Park raised $500m for a European real estate platform with backing from Middle Eastern investors earlier this year.

The new company, founded by Weber, attracted investment from private equity firm Stone Point Capital, the Kuwait Investment Authority and Wafra Investment Advisory Group.

Le Méridien Etoile, a 1,025-room hotel, is opposite the Paris Convention Centre.

Weber said the hotel had “significant potential” and fit the firm’s approach to investments.

“It also offers the opportunity to asset manage further value,” he added.

“We are firm believers in Paris’s strong underlying fundamentals as both a travel destination and an investment location, which, next to London, is one of only two truly global cities in Europe and remains one of the top three cities in the world in terms of tourist numbers.”

The hotel was relaunched last month following renovation.