Barcelona-based private equity investor Meridia Capital has acquired an 8,500 m[sup]2[/sup] building in the ninth arrondissement of Paris from Spanish property company Nozar for an undisclosed sum. The triangular Haussmann-style building, originally constructed in 1870, is currently vacant and will be converted into a luxury boutique hotel. Meridia said refurbishment work is expected to begin in mid-2009.
Barcelona-based private equity investor Meridia Capital has acquired an 8,500 m2 building in the ninth arrondissement of Paris from Spanish property company Nozar for an undisclosed sum. The triangular Haussmann-style building, originally constructed in 1870, is currently vacant and will be converted into a luxury boutique hotel. Meridia said refurbishment work is expected to begin in mid-2009.
The investment is Meridia's first in Europe. It follows the company's purchase last August of the Ritz-Carleton and Crowne Plaza Hotels in Santiago, Chile. Meridia acquired these assets and the Paris property through Meridia Capital Hospitality I fund.
The fund, Meridia's first, closed with equity of EUR 150 mln in early 2007.
