Chinese firm pays $469 million for the Marriott Champs Elysee
Hong Kong-listed investment firm Kai Yuan Holdings Ltd, which has interests from steelmaking to real estate, has agreed to buy the Paris Marriott Hotel Champs-Elysees for 344.5 million euros ($469 million).
Kai Yuan said in a stock exchange filing late on Monday that on completion of the purchase, from French real estate company MCE PropCo, it aims to target mainland Chinese travellers to boost occupancy rates at the five-star hotel.
The hotel is located on the Champs-Elysees avenue, close to the French capital’s most affluent areas and main business districts. The surrounding area is home of the offices of major international law firms, banks and the United States and British embassies.