Henderson Park acquires iconic Westin Paris-Vendome hotel for €550m (FR)

Henderson Park acquires iconic Westin Paris-Vendome hotel for €550m (FR)

Henderson Park has completed the €550m purchase of one of Paris’ largest and most historic hotels, the Westin Paris-Vendome, from GIC. As part of the transaction, Henderson Park has secured a senior financing package from CACIB. Henderson Park has also confirmed with Marriott International that the hotel will continue to operate under the Westin brand. 

 

The 428-room Westin Paris-Vendome occupies a large island site across a full city square block in Paris’ 1st arrondissement, one of the City’s most prestigious areas. The hotel is located less than 250 metres from the famous Place Vendome and Rue du Faubourg Saint-Honore and overlooks Parisian landmarks including the Louvre Museum, Tuileries Garden and River Seine. With thirteen prime retail units at street level fronting Rue de Rivoli and Rue de Castiglione, the property also benefits from being in the heart of the French capital’s busiest luxury retail district.

 

This 28,000m² Haussmanian landmark was built in 1878 and opened as the Hotel Continental, then the most luxurious hotel in the French capital. The Westin Paris-Vendome also includes three restaurant and bar outlets, extensive meeting space including three historic salons, a fitness centre and a spa.

 

Nick Weber, Founding Partner of Henderson Park, said: “With this landmark acquisition we are fortunate enough to bring one of Paris’ most iconic hotels into the Henderson Park portfolio. Steeped in heritage and occupying an entire block in Paris’ luxury retail destination, the Westin Paris-Vendome offers views of many world-famous sites such as the Louvre, the Jardin des Tuileries and the River Seine, as well the Eiffel Tower. Despite its rich history, we firmly believe that this prize asset’s best days lie ahead and are hugely excited about our plans to invest in returning this iconic hotel to its former glory. We continue to hold a strong conviction in the strong underlying fundamentals of the Paris hotels market as an investment location, being both one of the top three cities in the world in terms of tourist numbers and, with London, one of only two truly global cities in Europe. I would also like to take this opportunity to thank the team at GIC for their careful stewardship of the Westin Paris-Vendome for so many years, as well as their hard work and patience in working with us to complete  this transaction.” 

 

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