A Chinese investor has purchased
Paris Marriot Hotel Champs-Elysees for €344.5 million ($501.1 million AUD), through JLL’s Hotels and Hospitality Group.
The 192-room Marriot Champs-Elysees, located on the prestigious Avenue des Champs-Elysees, is one of Paris’ finest real estate assets.
The sale was a rare opportunity for the market with high barriers to entry due to lack of supply and huge demand for trophy assets.
Patrick Saade, Vice President of JLL’s Hotels & Hospitality Group said their involvement in this landmark shows the company’s skills in selling unique properties.
"JLL's involvement in this landmark deal is another demonstration of our skill in selling unique properties in Paris,” said Mr Saade.
“It also demonstrates the trust clients place in our cross-border expertise, our brand and our global platform."
JLL predicts 2014 will see annual hotel investment volumes across Europe, the Middle East and Africa grow by more than 20 per cent.
JLL has secured deals to exceed of €1 billion ($1.5 billion AUD) in Paris this year.
Nihat Ercan, Executive Vice President of JLL’s Hotels & Hospitality Group in Singapore said the sale confirms the increasing interest of properties in Paris.
"This sale confirms the increasing interest from Asian capital for assets in Paris and the attractiveness of European key gateway cities for high-profile real estate investments,” Mr Ercan said.
“Our proven track record for completing flagship deals saw us ranked the number one hotels broker in the world by RCA for 2013 and deals like this help us to reach our aspirations of delivering truly global investment strategies that deliver maximum value for our clients."
