|
The Hongkong and Shanghai Hotels, Limited (HSH) and
Qatari Diar Real Estate Investment havesigned agreements for the
purchase by HSH of a 20% interest in a subsidiary of Qatari Diar which
owns the building that currently houses the Centre International de
Conferences on Avenue Kleber, Paris, France for a total cash
consideration of approximately Euro 100 million (approximately HK$1,024
million).
HSH and Qatari Diar have agreed to re-develop
this building into The Peninsula Paris hotel, upon completion of
which the hotel and ancillary facilities will be managed by a
subsidiary of HSH for a period of 30 years with an automatic
renewal of a further 20 years, subject to meeting certain
performance criteria.
The estimated total re-development project cost
is expected to be financed through a combination of commercial
borrowings and the resources of Qatari Diar and HSH in proportion
to their respective shareholdings. Under the Shareholders
Agreement, HSH’s expected commitment to the re-development cost is
approximately Euro 50 million (approximately HK$512 million).
Re-development of the hotel is scheduled to
commence in the second quarter of 2009, following vacant
possession of the building with completion expected by the end of
the first quarter of 2012.
Sir Michael Kadoorie, Chairman of
HSH, said, “Paris is a strategic destination for the group
and The Peninsula Paris most importantly will mark the company’s
first hotel in Europe. This hotel will complement our existing
group of hotels which are all located in prime locations in
gateway cities, and will follow the launch of The Peninsula Tokyo
in 2007 and later this year, the opening of The Peninsula
Shanghai.
“Our Peninsula brand already enjoys high
recognition within the global community. We hope that The
Peninsula Paris will bring a new level of distinction to the Paris
luxury hotel market. It is housed in a historic, magnificent
building which will be a very special experience for our guests.”
The property’s facilities will include 200
guestrooms and suites, all featuring the group’s proprietary in-room
technology system.
Located on Avenue Kleber, the building was
originally constructed and opened in 1908 as the Majestic Hotel
and is currently used as the Centre International de Conferences
by the French Ministry of Foreign Affairs.
See
other recent news regarding:
Airlines,
Aviation,
Flights,
Hotels,
Promotions,
New Hotels,
Free Deals,
Cruises,
Paris,
France,
Peninsula
|
