French-Vietnamese investor Chuc Hoang has made his first investment in the French hotel sector with the acquisition of the Nikko hotel in the 15th district of Paris near the Eiffel Tower for just over €200 mln.
French-Vietnamese investor Chuc Hoang has made his first investment in the French hotel sector with the acquisition of the Nikko hotel in the 15th district of Paris near the Eiffel Tower for just over €200 mln.
The acquisition, which was first announced by French newspaper Le Monde, was made through Hoang's MI29 holding and was financed by a bank pool including Bpifrance, LCL and Crédit Agricole Ile-de-France.
The four-star hotel on the Seine river will continue to be operated by Accor under the Novotel Paris Tour Eiffel brand. The hotel operator has 11 years remaining on the lease, with an option to extend for a further 18 years.
Hoang, formerly a major shareholder in Paris-listed office landlord STE, said in a press release that the acquisition represents a new step in the development of the group.
Developed in 1976, the 100-metre high hotel offers 764 rooms, a 600-seat auditorium and two restaurants.
