Clearwater International advises Morgan Stanley Real Estate Investing and Paris Inn Group on the sale of a three-hotel portfolio in Paris
Clearwater International has advised Morgan Stanley Real Estate Investing (MSREI) and Paris Inn Group on the sale of a three-hotel portfolio in Paris to Swiss Reim (France) on behalf of a deal fund club dedicated to upscale its hotel segment.
Swiss Life REIM (France), a specialist in real estate asset management, has chosen to entrust Paris Inn Group with the management of the three hotels as part of a 12-year lease management contract.
With an overall capacity of 400 rooms, the three hotels, are strategically located in the heart of Paris. Recently renovated or under renovation, they have all benefited from an upmarket positioning strategy and offer the opportunity for attractive value creation.
More specifically, Best Western Premier Opéra Faubourg, formerly known as "Jules", has a capacity of 103 rooms, a lobby and a retro-styled bar. Ideally located in the 9th district of Paris, close to Gare du Nord, Gare de l’Est et Gare Saint-Lazare, this elegant four-star boutique hotel has undergone renovation completed in February 2015.
Located right by Gare de l’Est, a few meters away from Gare du Nord and close to Canal Saint-Martin, Holiday Inn Paris Gare de l’Est has a privileged location in a growing dynamic neighbourhood, at the crossroads of Europe. After a complete renovation, this four-star hotel includes, since July 2015, an elegant and modern inspired decoration under the sign of ‘Spring Spirit’. The hotel has 207 rooms, a lobby, a bar, a breakfast area and five meeting rooms with natural daylight.
Renovated in 2016, Hotel Beauchamps is located in the 8th district, very close to the Champs Elysées, in the centre of touristic Paris. It will ultimately offer 90 rooms, a lobby, a bar, a breakfast area, and a fitness room.
Paris Inn Group owns and manages 29 four and five-star hotels, mostly located in Paris. It employs 700 people, dedicated to helping the group achieve an outstanding level of performance at a 95% annual occupancy rate, a RevPAR above its benchmark of 15 to 25% and an average gross operating income of 50% of annual turnover. In 2014, Paris Inn Group created the first Sino-French hotel sector joint venture with China’s biggest operator, Plateno Group. The partners aim to establish 200 five-star hotels together under the Maison Albar brand. Paris Inn Group has a current annual turnover of €81.4m and is targeting €1bn in 2025.
Founded in 2007 by Frédéric Bôl, Swiss Life REIM (France) is the subsidiary of the Swiss Life group for real estate asset management for third parties in France. Thanks to specialised teams combining real estate, legal and financial skills, Swiss Life REIM (France) offers tailored solutions to institutional investors in fund management, real estate portfolio management, asset management and property management. As of the end of June 2016, the group manages more than €6.4bn in offices, retail, housing, student homes, healthcare and hotels.