Investment platform Henderson Park is making its second landmark hotel buy in Paris with the planned acquisition of the Westin Paris-Vendome from Singaporean sovereign wealth fund GIC for €550 million, PropertyEU reported.
With a gross floor area of 28,000 square meters, the Westin Paris-Vendome in Paris' first arrondissement features 428 rooms, three restaurant and bar outlets, three historic salons, and a spa, propertyfundsworld reported separately Dec. 13.
Built in 1878 and formerly called the Hotel Continental, the landmark property with 13 prime retail units on its ground floor is overlooking the Louvre Museum, the Tuileries Garden and the Seine River.
Henderson Park's first landmark hotel in Paris is the Le Meridien Etoile, which is also the city's largest hotel. Henderson Park bought the property in November 2016 ahead of a £500 million purchase in June of the Ledra hotel in Athens, Greece, and the Hilton Metropole hotels of London and Birmingham in September.
According to the report, GIC will be entitled to exercise a put option to Henderson Park after satisfying its obligations as seller under the French labor law.