A deal-signing ceremony was held in Paris earlier this month between QNH and former owning company AGF Immobilier for the acquisition of the property situated in the heart of the business and commercial centre of Paris, on Rue d’Anjou and Rue de Faubourg Saint-Honore.
QNH paid a total purchase price of 50mn euros. The property will be converted to a five-star hotel and is scheduled to open its doors in mid-2009.
The acquisition is QNH’s second in Europe after the recently acquired 170-room Park Hyatt in Marbella, Spain, and the previous acquisition of a 384-room Renaissance Resort in Sharm El Sheikh, Egypt.
“The newly acquired properties reflect the company’s investment and diversification strategy in well established, prestigious markets,” a spokesperson said.
