Dubai Holding is now the full owner of The Westin Paris – Vendôme, a premium property built in the French capital in the late 1800s.
The company took full ownership of the prime asset after acquiring the stake of European real estate investment firm Henderson Park, according to a statement on Monday.
The value of the deal has not been disclosed. Henderson Park and Dubai Holding had acquired the hotel in a joint venture back in 2018.
Overlooking the Jardin des Tuileries, the River Seine and the Eiffel Tower, The Westin Paris occupies an area of more than 32,000 square metres and features more than 400 rooms and suites.
After the acquisition, the property will continue to operate in partnership with the Marriott International Group, under The Westin brand and with the support of Sophos Hotel, the statement said.
Dubai Holding, which is the investment vehicle of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is expected to start considering future plans for the hotel after the Paris Olympics in 2024.
The Westin Paris was built in 1878. It is close to other landmarks, including Place Vendome, Place de la Concorde, Champs Elysees and the Louvre Museum.
Just this month, Dubai Holding’s Jumeirah Group acquired its first hotel in Switzerland, Le Richemond hotel, located on the banks of Lake Geneva.
(Reporting by Cleofe Maceda; editing by Seban Scaria )