HK firm to market Paris hotel to tourists
Print Edition
A Hong Kong investment firm has agreed to pay almost US$470 million for the five-star Paris Marriott Hotel Champs-Elysees, as it targets Chinese tourists’ desire for luxury travel.
Kai Yuan Holdings will pay 344.51 million euros (US$467.27 million) for the seven-floor, 100-year-old hotel, it said in a filing to the Hong Kong stock exchange late on Monday.
The company is engaged in industrial investments on China’s mainland, including in steelmaking and supplying heat energy to cities.
But it said it has been looking for investment opportunities in hotels to diversify revenue sources and capitalize on the growth of the global tourism industry.
“As the capital of the most visited country in the world, Paris has been benefiting from its importance as a global hub for business, culture and tourism,” the filing said.
France is the world’s No. 1 tourist destination, with government figures showing 83 million people visited last year. It is also the prime spot for Chinese tourists, with a record 1.4 million from the country last year.
Kai Yuan said it would market the hotel to Chinese tourists, adding in the filing that it “takes an optimistic view in the prospect of the global tourism industry.”
The firm posted HK$757.5 million (US$97 million) in revenue for 2013, but a net loss of HK$104.9 million.
It said the Paris hotel sale would be done by September 5 and it would borrow US$280 million from one of its shareholders who holds 5.54 percent in the firm.
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