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The trend of Asian capital investing in European trophy assets continues.
Chinese industrial investment holding company Kai Yuan Holdings, Hong Kong, announced that a subsidiary has agreed to purchase 192-room Paris Marriott Hotel Champs-Elysees for €344.5 million (US$466.5 million) from MCE Propco, Courbevoie, France. The deal is expected to close by September. Kai Yuan is borrowing US$280 million from its shareholder Du Shuanghua to fund the deal. An affiliate of Marriott International, Bethesda, Maryland, will continue to manage the hotel under an agreement that last until 2030, with three automatic 10-year renewal periods. |
