What happened
City Developments Limited (SGX: C09), or CDL, announced that it has completed the acquisition of the Hilton Paris Opera Hotel for a sum of €240 million. The seller is a fund managed by Blackstone Inc (NYSE: BX). Hilton Paris Opera Hotel is a 268-room, five-storey freehold deluxe hotel located in the prestigious 8th arrondissement in Paris and enjoys good street frontage. This hotel is also located in the middle of the iconic Paris CBD shopping area and has easy access to major Parisian tourist attractions and convention centres. Facilities include four food and beverage outlets, eight conference and meeting rooms, and two leased retail spaces. The hotel has not only established itself as one of the best full-service hotels in Paris but also achieved a certification for sustainable building performance. Paris is one of the most attractive cities in Europe and recorded the highest revenue per available room (RevPAR) among key European cities....
