Chinese Money Strikes Again, Buys Paris Hotel for $436 Million

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On the heels of Chinese money buying New York City's famed Waldorf Astoria last week for $2 billion, JLL's Hotels & Hospitality Group is now reporting a Chinese investor has closed on the purchase of the Paris Marriott Hotel Champs-Elysées for €344.5 million ($436 million USD). JLL's Hotels & Hospitality Group acted as the transaction advisor for the seller.
 
See related story: New York's Famed Waldorf Astoria Sells to Chinese for $1.95 Billion
 
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.
 
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 said, "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."