Dubai Holding has taken full ownership of the iconic The Westin Paris – Vendome hotel after acquiring Henderson Park’s stake in the property, for an undisclosed price.
Henderson Park and Dubai Holding acquired the hotel, which was built in 1878 in a prime location overlooking the Jardin des Tuileries, the River Seine and the Eiffel Tower, in a joint venture in 2018.
The 32,000 sq m property has more than 400 rooms and following the Paris Olympics next year Dubai Holding will consider its future plans for the building, which will continue to operate in partnership with the Marriott International group, under The Westin brand, with the support of Sophos Hotel.
Christophe Kuhbier, managing director at Henderson Park, said: “The Westin Paris – Vendome is an irreplaceable property in a landmark location in one of the world’s best hotel cities and, no matter the market conditions, constitutes an attractive investment proposition to investors seeking unique assets. We successfully steered the hotel through difficult macroeconomic times and ultimately achieved a positive return for our investors by selling our interest to our joint venture partner.”
Dubai Holding said it continues to pursue strategic investments ‘to create long-term and sustainable value for the group’ and ‘is focused on growing its international footprint and diversifying its asset base further through unlocking opportunities across promising sectors and geographies’.
