Molinaro Koger announces that the company has assisted in arranging the financing for the purchase of the freehold of the Hotel Prince de Galles in Paris, on behalf of the Musallam family. The Saudi-based family has owned the leasehold on the property for 16 years. Ali Baheri, managing director of MK's Middle East operations and Ed Blum, managing director of MK's Capital Markets Group, both worked on the transaction.
Sheik Ibrahim Mussallam says: "Our acquisition of the freehold demonstrates our commitment to the property and to Paris. The freehold acquisition price was €141 million and we are planning to spend a further €80 million on the refurbishment of the property to ensure that the Hotel Prince de Galles continues to be one of Paris' most desirable hotels."
"It's reassuring to know that despite the present turmoil in the markets, primary assets located in areas such as Paris' ‘Golden Triangle' can still secure premium prices and that financing for these assets is still available," says Ed Blum.
Ali Baheri says: "We continue to see a lot of activity from our Middle Eastern clients and with Molinaro Koger's vast range of advisory services including brokerage and financing, we are pleased to be able to assist our clients to diversify their interests across Europe, Asia and North America."
The Hotel Prince de Galles, which is situated on Avenue George V, is operated by Starwood Hotels as part of its Luxury Collection brand. Built in 1928, it has 138 guest rooms and 30 suites, a restaurant and bar and meeting rooms. The legendary hotel is one of Paris' great Art Deco properties, with gold leaf chandeliers and marble floors. In 2004 and 2005 it was named on Condé Nast Traveler's Gold Lists.
About Molinaro Koger (MK)
MK was founded in 1959 to provide specialist hotel real estate advisory services to the industry. Working exclusively in the hotel sector, the company is one of the top three hotel real estate companies in the world, with 11 offices in the USA, Beijing, London, Shanghai and Mumbai. Recent European assignments by the London office include the Great Eastern Hotel, London; Le Méridien Dona Filipe and Le Méridien Penina in Portugal; Marriot Hotels in Prague, Budapest and Copenhagen; and Forte Village Resort in Sardinia, plus various properties in the UK, France and Poland.