City Developments has bought the Hilton Paris Opéra in France from a Blackstone fund in a deal which values the asset at EUR244 million ($356 million), according to real estate news site Mingtiandi on March 3, citing “people privy” to the transaction.
CDL, whose hospitality division is London-based Millennium & Copthorne Hotels, is buying the 268-key hotel near Gare Saint-Lazare.
According to Mingtiandi, the deal is done just ahead of the upcoming Paris Olympics, and Paris is one of the few key cities on the Continent seeing an upswing in hotel deals last year, according to MSCI data.
This deal marks CDL’s third acquisition of a European real estate asset from a Blackstone fund in recent years. Recent deals include the GBP395 million paid for St Katharine Docks in London last March.
According to Mingtiandi, Blackstone acquired what was then the Concorde Opéra in Paris in 2013 for a reported EUR153 million. It was renamed Hilton Paris Opéra after a US$50 million renovation.
CDL shares closed at $5.70 on March 3, up 0.53%.
