Wiesbaden, 14 September 2023 – Aareal Bank announces the closing of a financing agreement with Henderson Park, the private real estate investment fund manager. The € 210 million senior facility was used to refinance Le Méridien Etoile, a historic upscale hotel located in the heart of Paris.
Initially built in 1972 by Air France as its flagship hotel to lodge its pilots, Le Méridien Etoile was well-known for its Jazz Club Etoile, recognised as France’s most reputed jazz bar at the time. Today, it is the largest hotel and conference centre in France, and one of the largest in Europe. Located directly opposite the Paris Convention Centre and in close proximity to the capital’s La Défense business district, as well as tourist attractions including the Champs-Elysées and Arc du Triomphe, the hotel caters to both business and leisure travellers and is operated by Marriott International under its Le Méridien brand.
Henderson Park acquired the asset after its reopening in October 2016, following a substantial renovation with extensive upgrades made to the rooms as well as to the banqueting and conference facilities. It was the first deal for the then-new European real estate investment platform founded by Nick Weber. To date, Henderson Park has invested approximately USD 13 billion in building a portfolio of flagship real estate assets across Europe, targeting fundamentally high-quality real estate of all types in prime locations.
“We are extremely pleased to have closed this financing with Henderson Park, a prominent player in the industry,” stated Bettina Graef-Parker, Managing Director Special Property Finance at Aareal Bank. “We are delighted to continue our fruitful relationship and to support them on another large deal.”
“We were again impressed by the expertise, speed and professionalism of the Aareal Bank team regarding the local market and the specifics of this unique hotel property,” says Christophe Kuhbier, Managing Director at Henderson Park.
DePardieu provided legal advice to Aareal Bank, while Henderson Park was advised on this transaction by Jones Day and Stibbe.
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