AEW acquired the 4-star Paris Marriott Charles de Gaulle Airport Hotel from Commerz Real.
The 300-key hotel was built in 2002. 17,000m2 spread over 5 floors also include 16 conference suites, a bar as well as a restaurant with a terrace. Outside, there are 250 parking spaces with electric vehicle charging points soon to be installed. In line with a renovation program, due to be completed in the coming years, 60% of the bedrooms and all the conference rooms have been refurbished so far. The asset is let to Marriott through a fixed-term lease with a residual duration of 13 years.
The asset is located in the immediate vicinity of Paris-Charles de Gaulle Airport, Le Bourget Airport, and the Parc des Expositions Paris Nord Villepinte. The hotel also benefits from excellent road accessibility as well as direct access to the RER B and the TGV railway station. The CDG Express and Grand Paris Express projects will also serve the area by 2027 and 2030 respectively.
Antoine Barbier, Head of AEW Patrimoine, commented: “This acquisition demonstrates our ability to select assets with attractive performance potential over the medium to long term, allowing our clients to seize the opportunities offered by the current market cycle. According to our research department, European economies continue their macroeconomic growth rebound from the Covid-related crisis, and both business and tourist air travel have been recovering globally. We also expect global multi-brand hotel operators such as Marriott to be well positioned to benefit from increased international arrivals to the greater Paris region as a result of the 2024 Summer Olympics in Paris.”
AEW was advised by Cheuvreux and Gide. Commerz Real was advised by Wargny Katz and Fidal Paris.
