European real estate investor Henderson Park is to buy the iconic Westin Paris-Vendôme from Singaporean sovereign wealth fund GIC for around €550m (£483m).
The completion of the deal is subject to antitrust clearance.
The Westin Paris-Vendôme is a landmark hotel in one of the most prestigious areas of Paris.
The hotel offers more than 28,000 sq m of gross floor area and comprises 428 rooms, three restaurant and bar outlets, meeting space with three historic salons, a fitness centre and a spa.
It also includes 13 retail units on the ground floor fronting Rue de Rivoli and Rue de Castiglione.
A listed building, the Haussmanian landmark was built in 1878 and opened as the Hotel Continental, the most luxurious hotel in Paris at the time. It has welcomed guests including author Victor Hugo.
If the acquisition goes ahead, the Westin Paris-Vendôme will be Henderson Park’s second landmark hotel in Paris, following its acquisition of the city’s largest hotel, Le Méridien Étoile, in November last year.
It also acquired the five-star Ledra Hotel in Athens in June and completed the £500m acquisition of the London and Birmingham Hilton Metropole hotels in September.
Nick Weber, founding partner of Henderson Park, said: “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.
“Not only does this historic hotel overlook the world-famous Louvre and the Jardin des Tuileries, it also affords views of many of Paris’s 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.
“In addition to what the Westin Paris-Vendôme offers now, the proposed acquisition also reflects what more we believe it can be and we have a long-term vision, involving a significant investment that builds on this hotel’s rich heritage and will allow us to unlock its full potential.
“Our commitment to acquire the Westin Paris-Vendôme together with our purchase of Le Méridien Étoile last year, also reflect our firm belief in Paris’ position as a leading global city.
“The ‘Macron effect’ has stimulated a renewed business confidence that is acutely tangible from both a domestic and an international perspective, while the forthcoming 2023 rugby world cup and Paris 2024 Olympic Games will only further reinforce the city’s world-leading status as a tourist destination.”
GIC was advised by Eastdil and Freshfields Bruckhaus Deringer; Henderson Park was represented by de Pardieu Brocas Maffei, Jones Day and Gide Loyrette Nouel.
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
