Mandarin Oriental Completes Purchase of the Freehold Interest in the Building Housing Mandarin Oriental, Paris

Published on : Monday, February 11, 2013

Mandarin Oriental Hotel Group announced today that it has completed the purchase of the freehold interest in the building housing Mandarin Oriental, Paris and two prime street front retail units (collectively, the ‘Property’) from Société Foncière Lyonnaise for €290 million (US$388.9 million).

The transaction was partly funded by new five-year €150 million (US$201.1 million) debt facilities, with the balance from the Group’s cash reserves.

Edouard Ettedgui, Group Chief Executive, said “This transaction has provided our Group with a rare opportunity to own a prime piece of real estate in a key gateway city which is an important destination for our luxury brand. The acquisition is expected to be earnings enhancing and to bring a number of additional benefits including single ownership and the opportunity for future expansion for the hotel.”

The Property is located on the prestigious Rue St Honoré, within walking distance of the city’s famous cultural attractions and world class retail.

The Property has a net lettable floor area of approximately 17,400 sq. m., and had rental income of €10.7 million (US$14.3 million) for the 12 months ended 31st December 2012.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 03 itb-asia 2017
  • 04 Imex America 2017
  • 10 Globalwellnesssummit 2017
  • 10 thehotelshow 2017
  • 11 AHIF 2017
  • 11 hospitalityaward 2017
  • 12 hotelfair 2017
  • 12 theleisureshow 17
  • 12 TTF17
  • 13 Frontiers Forum 2017
  • 14 bltm 2017
  • 14 patatravelmart 2017
  • 14 Seatrade-Europe 2017
  • 15 amsummit-ind 2017
  • 15 leisure 17
  • 16 Aviation Festival 2017
  • 16 OTDYKH 2017
  • 16 SKAL 17
  • 17 thincindonesia 2017
  • 17 worldmiceday 2017
  • 18 worldmiceday 2017
  • 19 IITM
  • 19 itehcmc 2017
  • 19 TTG Incontri 2017
  • 20 hmasummit  2017
  • 21 hoteltechhk 17
  • 43 PATA

TRAVEL INDUSTRY EVENTS

Get our toolbar!
Review www.travelandtourworld.com on alexa.com