Global investment firm Dubai Holding has acquired Henderson Park’s stake in The Westin Paris-Vendome to gain full control of the €650m hotel in France.

Henderson Park and Dubai Holding acquired The Westin Paris-Vendome hotel in a joint venture back in 2018 for €550m from GIC, Singapore’s sovereign wealth fund. 

The hotel, built in 1878, occupies an area of over 32,000sqm and houses more than 400 rooms and suites under the Marriott brand. 

Dubai Holding said it will consider the property’s future plans after the Paris Olympics in 2024.

The deal supports the group’s long-term strategy of global expansion that is focused on boosting its presence in strategic destinations across the world, including North America, the Middle East, Europe and Asia, Dubai Holding said.

Christophe Kuhbier, managing director at Henderson Park, said: “The Westin Paris-Vendome is an irreplaceable property in a landmark location in one of the world’s best hotel cities and, no matter the market conditions, constitutes an attractive investment proposition to investors seeking unique assets.

“We successfully steered the hotel through difficult macroeconomic times and ultimately achieved a positive return for our investors by selling our interest to our joint-venture partner.”

To read the latest edition of the latest IPE Real Assets magazine click here.