City Developments Ltd. (CDL), a Singapore-based real estate firm, has plans to purchase the Hilton Paris Opera from Blackstone Real Estate Partners Europe IV, managed by Blackstone, for €244 million ($264 million), according to multiple media outlets.
The 268-room hotel is located near Gare Saint-Lazare. The Hilton Paris Opera, originally the Concorde Opera, underwent a significant $50 million renovation before reopening its doors in 2015.
This deal marks CDL’s third acquisition of a European real estate asset from a Blackstone fund. Mingtiandi reported that Blackstone acquired the Paris property in 2013 for a reported €250 million ($271 million) and changed its name from Concorde Opera to Hilton Paris Opera after the renovation.
