Singapore-based City Developments Limited (CDL) has acquired the Hilton Paris Opéra hotel from funds managed by Blackstone for €240 million.
The 268-room, five-storey freehold deluxe hotel is in the prestigious 8th arrondissement. It includes almost 100 metres of direct street frontage on Rue Saint-Lazare.
The purchase was made through CDL’s wholly-owned subsidiary, Copthorne Hotel Holdings Limited.
The Hilton Paris Opéra hotel is in the shopping area in Paris’ CBD, by the Saint-Lazare train station. It is near Galeries Lafayette and Printemps department stores.
Historic Hilton Paris Opéra hotel
Designed by renowned French architect Juste Lisch, the historic hotel features a classic Haussmanian facade. It was the first hotel in the world to have guest lifts when it opened during the 1889 World’s Fair (Exposition Universelle).
The 18,339 square metre property features guest rooms, four F&B outlets, eight conference and meeting rooms and also two ground-floor leased retail spaces. It was extensively renovated in 2015 under a €43.4 million refurbishment programme.
In 2023, the hotel achieved the BREEAM In-Use Very Good certification for sustainable building performance.
Attractive city destination
Paris is one of the world’s most attractive city destinations with over 38 million visitors annually.
The city is expected to receive over 15 million visitors for the Paris 2024 Olympic and Paralympic Games in July 2024.
CDL’s Executive Chairman, Kwek Leng Beng, says, “Throughout history, Paris has been one of Europe’s most recognisable and enduring cities, and a premier travel destination, beloved for its culture, cuisine, and fashion. This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the Paris 2024 Olympics and bolster our recurring income with potential for value-add.”
With the acquisition of the Hilton Paris Opéra, the group now has three hotels with 670 rooms in Paris. The others are the 163-room M Social Hotel Paris Opéra and also the 239-room Millennium Hotel Paris Charles de Gaulle. These are owned and operated by Millennium & Copthorne Hotels Limited, the group’s wholly-owned hotel subsidiary.
The image, by Celette, is from Wikimedia and is reproduced under Creative Commons.
