New real estate investment platform Henderson Park has sealed one of the biggest hotel deals in Paris this year with the purchase of the Le Méridien Etoile hotel for a reported €365 mln.
The pan-European investment house, founded by Nick Weber, launched in September of this year having raised $500 mln from Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group as cornerstone investors.
'Le Méridien Etoile hotel is a superb hotel with significant potential and fits our approach to investments, being an extremely high quality property in a prime location within a top tier or gateway city, but which also offers the opportunity to asset manage further value,' commented Weber.
'We are firm believers in Paris’ strong underlying fundamentals as both a travel destination and an investment location, which, next to London, is one of only two truly global cities in Europe and remains one of the top three cities in the world in terms of tourist numbers,' he added.
The 1,025 room Le Méridien Etoile was built in 1972 as Air France’s flagship hotel and is located directly opposite the Paris Convention Centre. The property was relaunched in October 2016 following a substantial renovation of the rooms and banqueting and conference facilities. The hotel is currently operated by Starwood Hotels under its Le Méridien brand.
'We would like to thank the Mount Kellett and Cedar teams who have done a tremendous job managing Le Méridien over the last three years, delivering a world class renovation of the hotel. We look forward to continuing the stewardship of this important hotel in the coming years,' concluded Weber.
