October 16, 2018HENDERSON PARK COMPLETES ACQUISITION OF ICONIC WESTIN PARIS-VENDÔME HOTEL FOR €550 MILLION FROM GIC WITH SENIOR FINANCING FROM CACIB
16 October 2018: Henderson Park, the European real estate investment platform, has completed the €550 million purchase of one of Paris’ largest and most historic hotels, the Westin Paris-Vendôme, from GIC, Singapore's sovereign wealth fund. As part of the transaction, Henderson Park has secured a senior financing package from CACIB. Henderson Park has also confirmed with Marriott International that the hotel will continue to operate under the Westin brand.
The 428-room Westin Paris-Vendôme occupies a large island site across a full city square block in Paris’ 1st arrondissement, one of the City’s most prestigious areas. The hotel is located less than 250 metres from the famous Place Vendôme and Rue du Faubourg Saint-Honoré and overlooks Parisian landmarks including the Louvre Museum, Tuileries Garden and River Seine. With thirteen prime retail units at street level fronting Rue de Rivoli and Rue de Castiglione, the property also benefits from being in the heart of the French capital’s busiest luxury retail district.
This 28,000 sqm Haussmanian landmark was built in 1878 and opened as the Hotel Continental, then the most luxurious hotel in the French capital. The Westin Paris-Vendôme also includes three restaurant and bar outlets, extensive meeting space including three historic salons, a fitness centre and a spa.
In addition to the Westin Paris-Vendôme, Henderson Park also owns the largest hotel in Paris, Le Méridien Étoile, which it acquired in November 2016. These landmark assets form part of European hotels portfolio Henderson Park has built up over the past two years which includes the recently opened Grand Hyatt Athens and the London and Birmingham Hilton Metropole hotels in the UK.
Nick Weber, Founding Partner of Henderson Park, said: “With this landmark acquisition we are fortunate enough to bring one of Paris’ most iconic hotels into the Henderson Park portfolio. Steeped in heritage and occupying an entire block in Paris’ luxury retail destination, the Westin Paris-Vendôme offers views of many world-famous sites such as the Louvre, the Jardin des Tuileries and the River Seine, as well the Eiffel Tower. Despite its rich history, we firmly believe that this prize asset’s best days lie ahead and are hugely excited about our plans to invest in returning this iconic hotel to its former glory.
“We continue to hold a strong conviction in the strong underlying fundamentals of the Paris hotels market as an investment location, being one of the top three cities in the world in terms of tourist numbers.
“I would also like to take this opportunity to thank the team at GIC for their careful stewardship of the Westin Paris-Vendôme for so many years, as well as their hard work and patience in working with us to complete this transaction.”
GIC was advised by Eastdil and Freshfields Bruckhaus Deringer. Henderson Park was advised by de Pardieu Brocas Maffei and Jones Day. CACIB was advised by Gide Loyrette Nouel.
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For further information:
FTI Consulting: +44 (0)20 3727 1000
Richard Sunderland, Ellie Sweeney, Eve Kirmatzis
Hendersonpark@fticonsulting.com
About Henderson Park
Henderson Park is a real estate investment platform which was launched by Nick Weber in late 2016. It has already built a $3.5 billion portfolio of landmark European real estate assets across four countries and a high quality team of 27 professionals. 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.
