A new Hong Kong investment in France : Kai Yuan funds bought the Marriot Hotel in Champs-Elysées [fr]
Hong Kong funds Kai Yuan Holdings Limited, listed in Hong Kong, a major player in the field of urban services and steel in Mainland China, has announced on 16th of June the acquisition of the Marriot Hotel at the Champs-Elysees for an amount of €344.51 million. The acquisition of Marriott, the only 5-star hotel in Champs-Elysées, is the second most important Hong Kong investment in France. It is also the largest transaction of the luxury hotel sector in France in 2014. Kai Yuan Group, which has launched its hotel business in 2013 in Hong Kong with the purchase of the Butterfly Hotel in Sheung Wan, bet on the development of Chinese clients to increase the occupancy of the 197 rooms in Marriott Champ-Elysées, which has already reached 88% and is based at the moment on American, European and Middle-East customers. This acquisition illustrates the attractiveness of Paris for hotel investment, particularly the high end and Chinese clientele.