Deka Immobilien GmbH has acquired a hotel property in the city center of Paris for its open-ended mutual property fund. The transaction was worth around 114 million. Located close to the Avenue des Champs-Élysées and the Arc de Triomphe, the Hotel Renaissance Arc de Triomphe was completed and opened in 2009.
The complex of buildings (not pictured) also includes the Salle Wagram, dating to 1865.
The property has been sold by French property group Altarea Cogedim. On the basis of a sale-and-leaseback agreement, the group will in the long term remain the key tenant of the 5 star hotel in Avenue Wagram, which is managed by Marriott International Inc. In addition to the hotel itself, which boasts 118 luxurious rooms, the complex of buildings also includes the Salle Wagram, a listed venue dating back to 1865, and three fully let retail units.