Host Hotels & Resorts, a US-based real estate investment trust, has announced that its European joint venture has purchased five properties in Paris and Amsterdam from Whitehall for €440m.
All of the hotels are managed by Marriott International.
The five hotels – Paris Marriott Rive Gauche Hotel & Conference Center, the Renaissance Amsterdam Hotel, the Renaissance Paris La Defense Hotel, the Renaissance Paris Vendome Hotel, and the Courtyard Paris La Defense West, Colombes – add up to 1,733 rooms.
The 18-floor Paris Marriott Rive Gauche Hotel & Conference Center has 757 rooms, including 51 suites; it features 84 meeting rooms with total space of 51,667ft², one concierge level, a lobby, and R’Yves restaurant.
The 402-room Renaissance Amsterdam Hotel includes six suites and seven meeting rooms; the Renaissance Paris La Defense Hotel features 324 guestrooms, three suites and 13 meeting rooms; and the Renaissance Paris Vendome Hotel includes 82 rooms and 15 suites.
The Courtyard Paris La Defense West, Colombes, houses 150 rooms and three meeting rooms in five floors.
The properties will now be owned by the joint venture in which Host holds a 33.4% non-controlling stake; the venture currently owns 19 hotels with over 6,100 rooms in Europe.
The new owners expect the five hotels to provide brand and geographic diversification in major submarkets in Paris and in Amsterdam’s city centre.
Host Hotels & Resorts said in a statement, "Paris has some of the strongest market fundamentals in Europe with high barriers to entry and historically strong RevPAR growth. Amsterdam is a key commercial hub in Europe that consistently ranks among the highest RevPAR markets in Europe."
The purchase of the hotels has been partially funded by a €250m loan.
