Owner of the hotel since 2010, Invesco Real Estate sold its walls to an affiliate of the Qatar Armed Forces Investment Portfolio (QAFIP).
Pullman Paris La Défense is changing hands. Invesco Real Estate sold the Parisian property to a Qatari fund that is an affiliate of the Qatar Armed Forces Investment Portfolio (QAFIP). The amount of the transaction has not been revealed. In January this year, QAFIP realized its first investment in the hotel sector through the acquisition of the Renaissance Barcelona (211 rooms) for around €80 million. At the time, the general manager of the fund, Thani al-Kuwari, expressed interest in enriching the portfolio through acquisitions at the primary European capitals. London is next on the list of desirable cities after Paris.
Invesco Real Estate acquired the upscale hotel, the biggest at La Défense, in 2010 and undertook a vast renovation program for its common areas and 382 rooms that was completed in 2013. The property's management will remain in the hands of Accor group, under the Pullman brand.
The Pullman Paris La Défense was the first hotel by the brand to complete its renovation as part of the "Pullman Paris Live" project, a vast plan to modernize the five Pullman jewels in Paris. The operation represented a total budget of close to 100 million euros, financed by the owners of the properties.
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