City Developments (CDL), through its wholly-owned subsidiary Copthorne Hotel Holdings, has completed the acquisition of Hilton Paris Opéra hotel from funds managed by Blackstone for EUR240 million ($350.2 million).
The 268-room, 5-storey freehold deluxe hotel is located in the heart of the shopping area in Paris’ central business district, adjacent to the Saint-Lazare train station.
With the acquisition of the Hilton Paris Opéra, CDL now has three hotels with 670 rooms in the French capital.
Its other two properties comprise the 163-room M Social Hotel Paris Opéra and the 239-room Millennium Hotel Paris Charles de Gaulle, which are owned and operated by another wholly-owned subsidiary, Millennium & Copthorne Hotels.
“Throughout history, Paris has been one of Europe’s most recognisable and enduring cities, and a premier travel destination, beloved for its culture, cuisine, and fashion,” says CDL executive chairman Kwek Leng Beng.
“This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the Paris 2024 Olympics and bolster our recurring income with potential for value-add,” he adds.
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As at 3.05pm, shares in CDL are trading 5 cents lower or 0.83% down at $5.91.
