Union Investment Buys Paris Hotel Development
1 Union Investment Real Estate, on behalf of the UniImmo: Deutschland fund, has acquired a four-star hotel under construction in Paris. Terms of the transaction were not disclosed. The building is being developed by VINCI Immobilier. Completion of the business hotel, located on Esplanade de Charles de Gaulle in the La Défense district, is set for the third quarter of 2014. The property has been fully leased to Spanish hotel chain Meliá Hotels International. The Meliá Paris La Défense hotel will have 369 rooms and serve as the brand’s flagship property in Paris.