Touriste, a French group operating boutique hotels in Paris, advised by Bryan Cave Leighton Paisner LLP, has acquired The Chrysos Hotel, London. The hotel operates from two converted Georgian properties in Norfolk Square, Paddington. Touriste plans to extensively upgrade and remodel the hotel, as well as increase the number of rooms available.
The transaction, which is the group’s first acquisition outside Paris, completed on 14 April 2020 and involved the purchase of the business and assets of the hotel and the acquisition of shares in an onshore real estate SPV (Special Purpose Vehicle). BCLP also advised Touriste in relation to new debt financing arrangements being put in place.
Adrien Gloaguen, founder of the Touriste Group, commented: “We are very happy with this first international acquisition for the Touriste Group in London”. The purchase price was not disclosed.