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Paris, 15 October, 2014 – A Chinese investor has closed on the purchase of the Paris Marriott Hotel Champs-Elysées for €344.5 million. JLL’s Hotels & Hospitality Group acted as the transaction advisor for the seller.
The 192-room Marriott Champs-Elysées is one of Paris’ finest real estate assets and is the only hotel located on the prestigious Avenue des Champs-Elysées. The sale represented a rare opportunity in a market with high barriers to entry due to lack of supply and huge demand for trophy assets.
Patrick Saade, Vice President of JLL’s Hotels & Hospitality Group, commented: “JLL’s involvement in this landmark deal is another demonstration of our skill in selling unique properties in Paris. It also demonstrates the trust clients place in our cross-border expertise, our brand and our global platform.”
Earlier in the year JLL predicted that 2014 will see annual hotel investment volumes across Europe, the Middle East and Africa grow by more than 20%. In Paris alone JLL have secured deals in excess of €1 billion this year.
Nihat Ercan, Executive Vice President of JLL’s Hotels & Hospitality Group in Singapore added: “This sale confirms the increasing interest from Asian capital for assets in Paris and the attractiveness of European key gateway cities for high-profile real estate investments. Our proven track record for completing flagship deals saw us ranked the number one hotels broker in the world by RCA for 2013 and deals like this help us to reach our aspirations of delivering truly global investment strategies that deliver maximum value for our clients.”
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 , 2013 and 2014 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
For further information, visit www.jll.ru
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