AEW has acquired the four-star Paris Marriott Charles de Gaulle Airport Hotel from Commerz Real for an undisclosed price.
The 17,000 sq m, 300-key hotel, which is let to Marriot on a fixed-term lease with a residual duration of 13 years, was built in 2002 and is spread over five floors. It offers 16 conference suites, a bar and a restaurant, with more than 250 parking spaces.
The hotel is currently undergoing a comprehensive renovation programme, with 60% of the bedrooms and all the conference rooms refurbished to date.
Antoine Barbier, head of AEW Patrimoine, said: “This acquisition demonstrates our ability to select assets with attractive performance potential over the medium to long term, allowing our clients to seize the opportunities offered by the current market cycle.
“According to our research department, European economies continue their macroeconomic growth rebound from the Covid-related crisis, and both business and tourist air travel have been recovering globally. We also expect global multi-brand hotel operators such as Marriott to be well positioned to benefit from increased international arrivals to the greater Paris region as result of the 2024 Summer Olympics in Paris.”
AEW was advised by Cheuvreux and Gide and Commerz Real was advised by Wargny Katz and Fidal Paris. The intermediary on the transaction was Eastdil Secured.
