Newly launched U.K. firm buys Paris hotel for €365m
U.K. property investment company Henderson Park has purchased the Méridien Étoil for €365 million ($391 million). The sellers were U.S.-based Mount Kellett Capital Management and U.K.-based Cedar Capital.
The acquisition is the first made by Henderson Park since it launched in September. Nick Weber is the founding partner and CEO of Henderson Park. Previously, Weber was the head of Europe for Mount Kellett.
Le Méridien Etoile is one of the largest hotels in Paris, totaling 1,025 rooms. It was originally built in 1972 as Air France’s flagship hotel. It was renovated and reopened in 2016. The hotel is currently operated by Starwood Hotels & Resorts under its Le Méridien brand.
The deal is one of the largest hotel deals this year in Europe. The hotel sector was the only European real estate sector in which investment volumes increased during the third quarter, according to Real Capital Analytics.