Asset manager AEW has added a 300-key Marriott-branded hotel in France’s capital to its portfolio.
AEW said it has acquired the 4-star Paris Marriott Charles de Gaulle Airport Hotel from Commerz Real for an undisclosed amount.
The 17,000sqm property was built in 2002. The real assets subsidiary of Commerzbank had acquired the property upon its completion in 2002 for its open-ended real estate fund Hausinvest.
A renovation programme, due to be completed in the coming years, has seen 60% of the bedrooms and all the conference rooms refurbished so far.
Antoine Barbier, head of AEW Patrimoine, said: “This acquisition demonstrates our ability to select assets with attractive performance potential over the medium to long term, allowing our clients to seize the opportunities offered by the current market cycle.
“According to our research department, European economies continue their macroeconomic growth rebound from the COVID-related crisis, and both business and tourist air travel have been recovering globally.
“We also expect global multi-brand hotel operators such as Marriott to be well positioned to benefit from increased international arrivals to the greater Paris region as a result of the 2024 Summer Olympics in Paris.”
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