Intercontinental Paris Hotel to be Reflagged the Westin Paris
White Planes, NY - Starwood Hotels & Resorts Worldwide, Inc (NYSE HOT) today announced a new Westin Hotel in central Paris. Starwood has entered into a long-term management agreement with an affiliate of GIC Real Estate Pte Ltd to operate the historic landmark hotel, which was formerly the Intercontinental Paris Hotel. The Westin Paris will be the first Westin in downtown Paris and the fifth Starwood property in France.
When the hotel was first opened in 1878 it was celebrated as the most exclusive property of its kind and was regarded as a national treasure of France's Second Empire. The hotel is an enviable location, offering a breathtaking view of the Tuileries Gardens and many of Paris's most recognised and treasured landmarks. Just steps from the Place de la Concorde and the elegant Rue du Faubourg St-Honor, the hotel is ideally located in the government and business neighbourhood and is minutes away from the largest shopping and cultural areas of the city.
The newly converted Westin Paris features 438 rooms, including 76 Suites. The hotel will offer some of Paris' largest, most luxurious and exclusive meeting facilities, with a 4300 square feet ballroom, as well as 11 other meeting rooms, providing a total of 21500 square feet of versatile meeting space. The hotel also boasts one gourmet restaurant with a beautiful terrace, a bar and a health & spa area. The hotel will remain open for business throughout the conversion period.
"We are extremely proud and truly excited to be appointed by GIC Real Estate, a premier global real estate owner, to be the operator of this historical landmark hotel." said Roeland Vos, President of Starwood's Europe, Africa and Middle East Division. "The Westin Paris is a symbol of our commitment to France and another important step in the expansion of the Westin brand in Europe".
The hotel underwent a Euro 46 million refurbishment in 1998 and the owners will invest an additional Euro 12 million to convert this property to Westin Brand standards The new Westin Paris will feature all of Westin's signature standards and products including the Heavenly Bed, Heavenly Bath, and the newly launched Westin Work Out programme.
Dr Seek Ngee Huat, President of GIC RE said, "This is a rare opportunity to purchase a freehold, prime hotel in Paris. Given our confidence in the reputation of the property, its superb location and the strength of the premier "Westin" brand, we expect strong growth in light of the anticipated recovery in the Paris hotel market. "
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About GIC Real Estate
GIC Real Estate ("GIC RE") is the real estate investment arm of the Government of Singapore Investment Corporation ("GIC"), which manages the foreign reserves of Singapore. GIC RE's mandate is to invest in real estate-related assets outside of Singapore. Its investments cover all property sectors (including office, retail, industrial, hotel or residential assets) and product types, ranging from direct building acquisitions, property investment funds to strategic stakes in publicly-listed property companies, joint ventures and real estate debt. GIC RE's large and diversified portfolio comprises about 140 assets in over 30 countries. It is one of the largest institutional investors in Asia and currently ranks amongst the world's top 20 global real estate investment firms.
Starwood already operates 4 hotels in France under the Sheraton, Westin, Luxury Collection and Four Points brands including world famous landmarks such as the Prince de Galles Paris, the Sheraton Paris Airport, the Four Points Elyse Palace Nice and the Trianon Palace & Spa, which is operated under the Westin brand. The Trianon Palace & Spa, A Westin Hotel became the first Westin flagship in France in 1997, located on the edge of the Park of the Chateau de Versailles, only 20 minutes driving from the Champs-Elyses.
The Westin brand graces more than 120 hotels and resorts in over 20 countries and continues to drive new ideas and innovate services across the hospitality industry, such as the Westin Kids Club program, the Heavenly Bed and the Heavenly Bath signature innovations. In 2005, Westin Hotels & Resorts celebrates its 75th birthday, proving that exceptional service and luxurious comfort are never out of style.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, and W, Hotels and Resorts as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
For any further information, please contact :
Vanina Sommer
Public Relations - Starwood Hotels & Resorts Worldwide, Inc
Mobile: + 33 (0)6 23 74 73 56
Email: vanina.sommer@starwoodhotels.com
© Press Release 2005
