French hospitality REIT Foncière des Murs has bought a two-star hotel project in Paris. The vendor of the project at Porte des Lilas in the 19th arrondissement of Paris was French property group Vinci Immobilier.
French hospitality REIT Foncière des Murs has bought a two-star hotel project in Paris. The vendor of the project at Porte des Lilas in the 19th arrondissement of Paris was French property group Vinci Immobilier.
The financial details were not disclosed.
The building, planned to offer 265 rooms, will be operated under the B&B brand, as part of the partnership initiated by FdM and the independent low-cost hotel chain B&B Hôtels in 2010. 'It shows the will of Foncière des Murs to support its hotel partners in their development,' the company said in a statement.
Designed by Vinci Immobilier and Dominique Perrault Architecture, the asset is expected to receive HQE certification and the Green Key label. Construction will start immediately, and delivery is scheduled for Q2 2014.
