December 13, 2017HENDERSON PARK COMMITS TO THE ACQUISITION OF THE LANDMARK WESTIN PARIS-VENDÔME HOTEL FROM GIC
13 December 2017: Henderson Park, the European real estate investment platform founded by Nick Weber, has committed to the seller to purchase the iconic Westin Paris-Vendôme from GIC, Singapore's sovereign wealth fund, subject to completion of antitrust clearance. GIC shall be entitled to exercise a put option to Henderson Park after the fulfilment of the seller’s obligations under French labour law, i.e., the completion of the information and consultation process of the Westin Paris-Vendôme's employee representatives.
The Westin Paris-Vendôme is a landmark hotel that is located in Paris’ 1st arrondissement, just steps away from the prestigious Place Vendôme and Rue du Faubourg Saint-Honoré, and overlooking the world famous Louvre Museum, as well as the Tuileries Garden and the River Seine.
The hotel benefits from a unique location, occupying a large island site, which comprises a full city square block, in one of the most prestigious areas of Paris and in the heart of the French capital’s busiest luxury retail district.
The hotel offers over 28,000 square meters of gross floor area and comprises 428 rooms, as well as three restaurant and bar outlets, extensive meeting space including three historic salons, a fitness centre and a spa. It also includes thirteen prime retail units on the ground floor fronting Rue de Rivoli and Rue de Castiglione.
A listed building, this Haussmanian landmark was built in 1878 and opened as the Hotel Continental, the most luxurious hotel in Paris at the time, and has welcomed a multitude of celebrated guests including French author Victor Hugo.
If the acquisition goes ahead, the Westin Paris-Vendôme will be Henderson Park's second landmark hotel in Paris, following its acquisition of the city’s largest hotel, Le Méridien Étoile, in November last year. It also acquired the 5-star Ledra hotel in Athens in June and completed the £500 million acquisition of the London and Birmingham Hilton Metropole hotels in September.
Nick Weber, Founding Partner of Henderson Park, said: “The Westin Paris-Vendôme is an absolutely unique hotel that is woven into the very fabric of Paris and to have this incredibly rare opportunity to adopt it into the Henderson Park portfolio is an extremely exciting prospect for our team. Not only does this historic hotel overlook the world-famous Louvre and the Jardin des Tuileries, it also affords views of many of Paris’ other globally iconic landmarks including Notre-Dame and the Eiffel Tower, while occupying an entire block in the heart of Paris’s luxury shopping district. In addition to what the Westin Paris-Vendôme offers now, the proposed acquisition also reflects what more we believe it can be and we have a long term vision, involving a significant investment that builds on this hotel’s rich heritage and will allow us to unlock its full potential.
“Our commitment to acquire the Westin Paris-Vendôme together with our purchase of Le Méridien Étoile last year, also reflect our firm belief in Paris’ position as a leading global city. The ‘Macron effect’ has stimulated a renewed business confidence, that is acutely tangible from both a domestic and an international perspective, while the forthcoming 2023 Rugby World Cup and Paris 2024 Olympic Games, will only further reinforce the city’s world leading status as a tourist destination.
“I would also like to thank the team at GIC, under whose careful stewardship this landmark hotel has continued to flourish, for their hard work with us on this transaction.”
GIC is advised by Eastdil and Freshfields Bruckhaus Deringer. Henderson Park is advised by de Pardieu Brocas Maffei, Jones Day and Gide Loyrette Nouel.
For further information:
FTI Consulting: +44 (0)20 3727 1000
Richard Sunderland, Ellie Sweeney
About Henderson Park
Henderson Park is a real estate investment platform, recently launched by Nick Weber. Henderson Park is backed by three cornerstone investors: Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
Henderson Park has been established to invest in European real estate, primarily targeting gateway cities and seeking investments in both assets and companies. Henderson Park will pursue opportunities across a wide variety of commercial real estate sectors.
Henderson Park is led by Nick Weber, its Founding Partner and CEO. Nick has over 20 years of real estate experience, including most recently as Head of Europe for Mount Kellett and previously at Goldman Sachs for 14 years, where he was a Partner and Co-Head of its European Special Situations Group.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
