European real estate investment platform Henderson Park has inked a deal to buy the Westin Paris-Vendôme hotel from GIC, Singapore's sovereign wealth fund, for €550 mln.
The Westin Paris-Vendôme, with over 28,000 m2 of gross floor area and 428 rooms, is a landmark hotel in Paris’ 1st arrondissement, with three restaurants, meeting spaces, a fitness centre and a spa. It also includes thirteen prime retail units on the ground floor fronting Rue de Rivoli and Rue de Castiglione.
'The Westin Paris-Vendôme is an absolutely unique hotel that is woven into the very fabric of Paris and to have this incredibly rare opportunity to adopt it into the Henderson Park portfolio is an extremely exciting prospect for our team,' said Nick Weber, founding partner of Henderson Park.
'Not only does this historic hotel overlook the world-famous Louvre and the Jardin des Tuileries, it also affords views of many of Paris’ other globally iconic landmarks including Notre-Dame and the Eiffel Tower, while occupying an entire block in the heart of Paris’s luxury shopping district.
'We have a long term vision, involving a significant investment that builds on this hotel’s rich heritage, which will allow us to unlock its full potential.'
A listed building, this Haussmanian landmark was built in 1878 and opened as the Hotel Continental, the most luxurious hotel in Paris at the time.
The deal is subject to completion of antitrust clearance. GIC will be entitled to exercise a put option to Henderson Park after the fulfilment of its obligations under French labour law, which include completing an information and consultation process with the Westin Paris-Vendôme's employee representatives.
If the deal goes ahead, the Westin Paris-Vendôme will be Henderson Park's second landmark hotel acquisition in Paris, following its purchase of the city’s largest hotel, Le Méridien Étoile, in November last year.
It also acquired the 5-star Ledra hotel in Athens in June and completed the £500 mln (€570 mln) acquisition of the London and Birmingham Hilton Metropole hotels in September.
GIC was advised by Eastdil and Freshfields Bruckhaus Deringer. Henderson Park was advised by de Pardieu Brocas Maffei, Jones Day and Gide Loyrette Nouel.
