Dubai Holding has acquired The Westin Paris — Vendome after buying out its joint venture partner Henderson Park’s stake in the hotel. Terms of the deal were not disclosed.
In 2018, Henderson Park and Dubai Holding formed a joint venture to acquire the hotel, and Dubai Holding now owns the entire property. Following the Paris Olympics in 2024, the new owners will begin renovating it.
Spread over more than 32,000 square meters, The Westin Paris — Vendome features more than 400 rooms and suites, 13 event rooms totaling a surface area of around 2,000 square meters, a bar, a restaurant, an outdoor terrace and a fitness center. The hotel will continue to be operated in partnership with Marriott International, under The Westin brand, with the support of Sophos Hotel.
Built-in 1878, The Westin Paris — Vendome overlooks the Jardin des Tuileries, the River Seine and the Eiffel Tower. The hotel is close to Place Vendome, Place de la Concorde, Avenue des Champs Elysees and Louvre Museum. The historic hotel, which has reportedly hosted Napolean III’s wife, the Dalai Lama and Russian dukes, has been chiefly dependent on meetings and events like fashion shows.
“The Westin Paris — Vendome is an irreplaceable property in a landmark location in one of the world’s best hotel cities and, no matter the market conditions, constitutes an attractive investment proposition to investors seeking unique assets. We successfully steered the hotel through difficult macroeconomic times and ultimately achieved a positive return for our investors by selling our interest to our joint-venture partner,” said Christophe Kuhbier, managing director at Henderson Park.
As per reports, Henderson Park had been looking for potential buyers for the hotel early last year. The hotel was being offered for a “punchy” valuation of €800 million ($843.58 million), which had drawn interest from bidders like sovereign wealth funds, heads of state and high net worth individuals. Henderson Park acquired The Westin from Singaporean wealth fund GIC in 2017 for a reported €550 million ($579.96 million).
Founded in 2016 and based in London, Henderson Park has invested $13 billion in creating a portfolio of flagship real estate properties across Europe.
This acquisition strengthens Dubai Holding’s portfolio of properties in key locations and helps the company’s long-term strategy of expanding globally. Dubai Holding is expanding its footprint in destinations, including North America, the Middle East, Europe and Asia.
Established in 2004, Dubai Holding currently operates in 13 countries and has a portfolio of more than AED 130 billion ($35.29 billion) worth of assets. The group has five companies — Dubai Holding Real Estate, Dubai Holding Asset Management, Dubai Holding Hospitality, Dubai Holding Entertainment and Dubai Holding Investments.