Italy's Statuto Group, the luxury hotel and retail specialist, has acquired the Mandarin Oriental hotel in Paris for €205 mln.
News of the deal first broke in December, when Mandarin Oriental was reported to have inked an option to sell the Paris hotel, which it opened in 2011.
The five star hotel with 135 rooms is considered one of the most luxurious properties in the French capital.
Grupo Statuto expanded its luxury holdings last year when it acquired the newly completed Six Senses hotel on Rome’s Via del Corso for around €245 mln from Orion Capital Managers. Statuto also owns the Mandarin Oriental hotel in Milan.
Mandarin Oriental said that the sale proceeds would go towards the group's general development strategy. The hotel firm has inked a long-term management agreement to continue to brand and run the hotel following the sale.
Baker McKenzie advised Statuto Group on legal matters. Partner Pietro Bernasconi led the Baker McKenzie team, with counsel Cinzia Massara and Paris partners Eva Leygonie and Marc Mariani for the corporate law aspects, while partner Ludovico Rusconi followed the aspects related to the financing of the transaction.
Completion of the transaction is expected upon the outcome of the union consultation required by French law.
