Asset manager AEW has announced the acquisition of the 4-star Paris Marriott Charles de Gaulle Airport Hotel from Commerz Real for an undisclosed amount.
Built in 2002, the 17,000 m2, 300-key hotel is spread over 5 floors and offers 16 conference suites, a bar as well as a restaurant with a terrace.
Outside, there are over 250 parking spaces with electric vehicle charging points soon to be installed. A comprehensive renovation programme, which is due to complete in the coming years, has seen 60% of the bedrooms and all the conference rooms refurbished so far. The asset is let to Marriott through a fixed term lease with a residual duration of 13 years.
The real assets subsidiary of Commerzbank acquired the property upon its completion in 2002 in the framework of a sale-and-lease back agreement for its open-ended real estate fund Hausinvest.
The asset is located in the immediate vicinity of Paris-Charles de Gaulle airport.
Antoine Barbier, head of AEW Patrimoine, commented: '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.'
AEW was advised by Cheuvreux and Gide. Commerz Real was advised by Wargny Katz and Fidal Paris.
Eastdil Secured brokered the deal.
