CDL buys Hilton Paris Opera Hotel from Blackstone for €240m

City Developments Limited (CDL) has acquired the Hilton Paris Opéra hotel from funds managed by Blackstone for €240 million.

Located on Rue Saint-Lazare in the Saint the 8th arrondissement of Paris, the hotel – acquired through CDL subsidiary Copthorne Hotel Holdings - comprises 268 rooms over 5 storeys as well as four F&B outlets, eight conference and meeting rooms and two leased retail spaces on the ground floor.

The hotel underwent a €43.4 million renovation is 2015, and in 2023 achieved the BREEAM In-Use Very Good certification for sustainable building performance.

The purchase marks CDL’s third and largest hotel in Paris following the 163-room M Social Hotel Paris Opéra and the 239-room Millennium Hotel Paris Charles de Gaulle, which are owned and operated by Millennium & Copthorne Hotels Limited. Following the acquisition, CDL’s Parisian portfolio comprises 670 rooms.

Paris is expected to receive over 15 million tourists during the 2024 Olympic and Paralympic Games commencing in July 2024.

What they said

Kwek Leng Beng, CDL’s executive chairman said: “This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the Paris 2024 Olympics and bolster our recurring income with potential for value-add.”