The investment fund Kai Yuan Holding has acquired the Marriott Champs Elysées for 344.5 million euros.
The Marriott Champs-Elysées will fly a Hong Kong flag. The property's real estate has been bought by the investment firm Kai Yuan Holdings for 344.5 million euros, from the French real estate group MCE PropCo. The operation should be finalized on September 5, 2014 at the latest. It will be financed in part thanks to a 280 million dollar loan (close to 206 million euros) to Kai Yuan from one of its shareholders.
Located on Paris's emblematic avenue, the Marriott Champs-Elysées is located in a building dating from 1914 and has 167 rooms, 25 suites and 600 square meters of meeting spaces. The property's five-star management will remain in the hands of the Marriott group, which has a management contract that expires in 2030.
By becoming owner of the hotel, Kai Yuan Holding wishes to further adapt its supply to the Chinese market in order to increase its occupancy rates by diversifying its clientele, which currently consists of mostly people from North America, the Near East and Europe.
The acquisition of the Parisian address is the second made by the Hong Kong investment fund in just six months. The fund also recently bought a 90-room property in Hong Kong for close to 63 million dollars.
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