AXA Investment Managers - Real Assets has received planning permission to redevelop a mixed-use office-led asset in central Paris into a luxury five-star hotel.
AXA IM - Real Assets has owned and managed the asset, on behalf of one of its clients, since 1995 and will be undertaking the redevelopment project, having identified its potential for an alternate use.
The redeveloped luxury hotel will be operated in conjunction with InterContinental Hotel Group under Kimpton, its lifestyle and luxury boutique brand.
The asset is located in the Opéra area of Paris’ 2nd arrondissement, home to many places of tourism interest.
Designed by Bourstin architects, the completed 12,000 m2 upper five-star hotel will offer 149 bedrooms, including 27 suites, conference and events space, in addition to a range of amenities such as a spa and landscaped courtyard.
Construction is due to start in 2017 under the management of Vinci Immobilier, with the hotel expected to be completed by 2020.
The hotel will be added to AXA IM - Real Assets’ over €2 bn portfolio of 87 hotels across eight countries that it manages on behalf of clients.
'Drawing on our experience from the transformation of the InterContinental Hotel in Marseille and the Radisson Blu Hotel in Nantes, this significant project provides strong evidence of our willingness to undertake large-scale redevelopment projects,' said Nathalie Charles, regional head of asset management & transactions, Southern Europe, and Pan-European development leader at AXA IM - Real Assets.
Karl J. Badstuber, senior hotel specialist at AXA IM - Real Assets, added: 'With the objective of constantly maximizing the value and potential of all of our investments for the benefit of clients, we identified this prime asset in AXA IM - Real Assets’ portfolio as an excellent hotel conversion opportunity.'
