Belgian listed property firm Banimmo has bought the Paris headquarters of carmaker Mercedes to redevelop it into a hotel and conference centre. The new scheme will comprise 205 bedrooms and about 3,000 m[sup]2[/sup] of meeting room space.
Belgian listed property firm Banimmo has bought the Paris headquarters of carmaker Mercedes to redevelop it into a hotel and conference centre. The new scheme will comprise 205 bedrooms and about 3,000 m2 of meeting room space.
Located in the vicinity of the Palace of Versailles near Paris, the site is occupied by Mercedes Benz France who was also the owner. It provides 27,000 m2 of total usable area in the middle of the Parc de Rocquencourt. Mercedes Benz France sold the asset and is moving to a new building that will be delivered in 2014.
Until then, the company will continue to occupy the site and will assume all corresponding charges.
Banimmo plans to redevelop the asset into a hotel of 205 rooms, operated by the American group Dolce with a 15-year renewable management agreement. The Euronext-listed group said it will look to team up with non real estate co-investors on this project, which is planned to open in 2016.
Banimmo already owns the hotel-conference centres in La Hulpe (Brussels) and Chantilly (airport of Charles de Gaulle) operated with similar branded management agreements with Dolce. The US hotel group currently manages six centres in Europe.
