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.

Related Posts

Leave a Reply

Your email address will not be published.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

*

code

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

ADVERTISEMENT

  • 20 satte 2020
  • 20 uzakrota Istanbul 2019
  • 21 ameistanbul 2020
  • 22 BLTM Banner 2020
  • 22 iitm 2020
  • 23 Emitt 2020
  • 24 OTM-Banner 2020
  • 25 aviation-festival-asia 2020
  • 25 fitur 2020
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. HOTELIER SUMMIT SOUTHEAST ASIA

      Nov 13, 2019 - Jan 14, 2020
    2. DRT SHOW HONG KONG

      December 13 - December 15
    3. REISELIV MESSEN OSLO 2020

      Jan 4, 2020 - Jan 5, 2020
    4. LAIKI TECNHI 2020

      Jan 8, 2020 - Jan 12, 2020
    5. SATTE 2020

      Jan 8, 2020 - Jan 10, 2020
Get our toolbar!
Review www.travelandtourworld.com on alexa.com