A real estate fund managed by Morgan Stanley Real Estate Investing and Paris Inn Group announced last week that they formed a joint venture to purchase four hotels in Paris for an undisclosed sum.
The hotels, which were sold by Ivanhoé Cambridge, Montreal, include the 236-room Mercure Paris Terminus Nord, the 200-room Holiday Inn Paris Gare de l’Est, the 101-room Hotel Jules and the 89-room Hotel Beauchamps.
In addition to these properties, hotel owner and operator Paris Hotel Group, Paris, said the joint venture will target additional midscale Paris hotels for acquisition.
“We are very happy and proud to have formed a financially strong partnership with MSREI in order to acquire promising hotels in Paris”, said Jean-Bernard Falco, founder and president of Paris Inn. “We are currently seeing many attractive opportunities throughout Paris.”
Falco told L’Hôtellerie Restauration that the hotels will receive a total of €30 million (US$39 million) in renovations and be rebranded to add recognition as Paris’ foreign visitors are “30% Anglo-Saxon.” Currently Paris Inn Group operates hotels under Best Western International, Choice Hotels International and IHG brands.