TravelNewsAsia.com

Mandarin Oriental Completes Purchase of Property on Rue St Honore, Paris

Travel News Asia Latest Travel News Podcasts Videos Friday, 15 February 2013
 

Mandarin Oriental has completed the purchase of the freehold interest in the building housing Mandarin Oriental, Paris and two prime street front retail units from Socit Foncire Lyonnaise for 290 million (US$388.9 million).

The transaction was partly funded by new five-year 150 million (US$201.1 million) debt facilities, with the balance from the groups cash reserves.

Edouard Ettedgui, Mandarin Oriental Hotel Group Chief Executive, said, This transaction has provided our group with a rare opportunity to own a prime piece of real estate in a key gateway city which is an important destination for our luxury brand. The acquisition is expected to be earnings enhancing and to bring a number of additional benefits including single ownership and the opportunity for future expansion for the hotel.

The property is located on the prestigious Rue St Honor, within walking distance of the citys famous cultural attractions and world class retail.

The property has a net lettable floor area of approximately 17,400 sq. m., and had rental income of 10.7 million (US$14.3 million) for the 12 months ended 31 December 2012.

Mandarin Oriental, France, Paris

Subscribe to our Travel Industry News RSS Feed Travel Industry News RSS Feed from TravelNewsAsia.com. To do that in Outlook, right-click the RSS Feeds folder, select Add a New RSS Feed, enter the URL of our RSS Feed which is: https://www.travelnewsasia.com/travelnews.xml and click Add. The feed can also be used to add the headlines to your website or channel via a customisable applet. Have questions? Please read our Travel News FAQ. Thank you.

     
Advertising
Advertising
Copyright © 1997-2023 TravelNewsAsia.com