Around eight years after Union Investment's spectacular acquisition of the Marriott Champs-Elysées, the five-star Paris hotel has been sold in a deal worth some 215 million to an undisclosed buyer.
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The Marriott Hotel Champs-Elysées was Union Investment's first hotel investment in France.
The property, which will continue to be operated by Marriott,was completely renovated in 2009 behind the existing historic facade. Boasting 174 rooms and 18 suites, the hotel was acquired by Union Investment in July 2003 for its open-ended real estate fund UniImmo: Europa. The proceeds of the sale significantly exceed the most recent expert valuation. Clifford Chance advised Union Investment on the deal, which was notarized by SCP Begon, Herbert, Bougeard & Brulon of Paris. Wragge advised Union Investment in tax matters.
The Marriott Hotel Champs-Elysées was Union Investment's first hotel investment in France. It was followed in 2005 by the acquisition of the Radisson Blu Hotel in Marseilles. The Hamburg-based property fund manager, which has had a local presence in Paris since the start of the year via its own subsidiary, is one of Europe's leading investors in the sector, with 24 hotels worth around 1.5 billion. The majority are let on long-term leases to international operators that include Hilton, Marriott, Rezidor and Steigenberger.
"We aim to expand our hotel portfolio even further in 2011 through the targeted acquisition of interesting assets in major European metropolitan areas," says Dr. Frank Billand, member of the management board of Union Investment Real Estate GmbH.
Source: Union Investment Real Estate GmbH
The Marriott Hotel Champs-Elysées was Union Investment's first hotel investment in France. It was followed in 2005 by the acquisition of the Radisson Blu Hotel in Marseilles. The Hamburg-based property fund manager, which has had a local presence in Paris since the start of the year via its own subsidiary, is one of Europe's leading investors in the sector, with 24 hotels worth around 1.5 billion. The majority are let on long-term leases to international operators that include Hilton, Marriott, Rezidor and Steigenberger.
"We aim to expand our hotel portfolio even further in 2011 through the targeted acquisition of interesting assets in major European metropolitan areas," says Dr. Frank Billand, member of the management board of Union Investment Real Estate GmbH.
Source: Union Investment Real Estate GmbH
