Extendam and Schroder Real Estate Hotels acquire the design boutique hotel Eiffel Blomet in central Paris
Extendam and Schroder Real Estate Hotels (a division of Schroder Real Estate created following the acquisition of Algonquin Management Partners) along with two minority interests, have acquired the recently opened Art-deco style hotel “Eiffel Blomet”. This is Schroder Real Estate Hotels’ second acquisition since it acquired Algonquin Management Partners.
The Eiffel Blomet is an 87-room, 4-star boutique hotel located in Central Paris at 78 rue Blomet, within easy reach of the River Seine’s left bank. The hotel opened in June 2017 after 18 months of renovation works conducted by the renowned architects Vincent Bastie and Bruno Borrione.
Schroder Real Estate Hotels is the appointed manager of the hotel and is currently in discussion with several operators to potentially operate the boutique hotel under a franchise agreement.
Frédéric de Brem, Head of Schroder Real Estate Hotels and Pierre-Louis Bellanger, Investment Director at Schroder Real Estate Hotels, said:
"Eiffel Blomet is a brand new boutique hotel, which has been well renovated and offers optimal layout and efficient operations. Its key features are its high specification features and its generous pool size, both are great USPs for the central Paris market. The hotel represents great value for money and is within easy reach of all key Paris landmarks thanks to its excellent connections to public transportation.”
Bertrand Pulles, Associate Director of Extendam, said:
"We are pleased to continue our partnership with the Schroder Real Estate Hotels team and to acquire another core French asset after the AC Marriott Nice and Radisson Toulouse Blagnac.”
As part of this transaction, the vendors have been assisted by JLL Hotels. Extendam and Schroder Real Estate Hotels were advised by Arago on the legal aspects.”
Katell Bourgeois, SVP Corporate Transactions, JLL Hotels, said:
“With operating indicators showing a strong recovery, Paris continues to attract investors with very diversified profiles and origins. Opportunities to acquire unencumbered freehold assets (real estate and business) of this quality and capacity are rare and Schroders Real Estate Hotels once again demonstrates its ability to identify them”.
For further information, please contact:
Nicole Carey Tel: +44 (0)20 7658 4466/ nicole.carey@schroders.com
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