Singapore-based City Developments Limited (CDL) has expanded its Parisian portfolio with the acquisition of the Hilton Paris Opéra hotel for €240 mln.
The deal was conducted through CDL subsidiary Copthorne Hotel Holdings Limited and the seller were funds managed by Blackstone.
The 5-storey freehold asset is situated in a prime Paris location, in the prestigious 8th arrondissement, known for its luxury shopping district, offering nearly 100 meters of direct street frontage on Rue Saint-Lazare.
Additionally, the hotel is strategically located near Saint-Lazare train station, world-renowned department stores: Galeries Lafayette and Printemps, and major tourist attractions and convention centers.
The 18,339 m2 property boasts 268 deluxe rooms, four F&B outlets, eight meeting rooms, and two retail spaces. It was extensively renovated in 2015 and achieved BREEAM In-Use Very Good certification in 2023.
Kwek Leng Beng, CDL's executive chairman, said: ‘This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the Paris 2024 Olympics, and bolster our recurring income with potential for value-add.’
Hilton Paris Opéra is designed by renowned architect Juste Lisch with a classic Haussmannian facade. It holds the distinction of being the first hotel with guest lifts, dating back to the 1889 World's Fair in Paris.
Following the acquisition of the Hilton Paris Opéra, CDL now has three hotels with 670 rooms in Paris. These include the M Social Hotel Paris Opéra (163 rooms) and Millennium Hotel Paris Charles de Gaulle (239 rooms). Both are operated by CDL's subsidiary, Millennium & Copthorne Hotels Limited (M&C).
