JJW adds Paris pair for £35m
JJW Hotels & Resorts has bought two boutique hotels from London-based Pacific Investments for €53.5m (£35.7m).
The group, which is owned by Sheikh Mohamed Bin Issa Al Jaber, has bought two of Paris's best-known hotels - the 37-bedroom Hotel de Vigny and the 83-bedroom Hotel Balzac. Both hotels are four-star and situated just off the Champs-Elysées.
Al Jaber said: "We're very proud to have both the de Vigny and Balzac in JJW's portfolio. These are unique properties that offer the highest standards of excellence to a sophisticated clientele. As boutique hotels they form part of a growing, high-value-added sector of the travel industry and one in which we intend to further expand our investment."
The acquisition brings the number of JJW four-star properties within Paris's "golden triangle" to five.
The hotel group also owns the Berners hotel in London, Grand Hotel Vienna and the Royal Algarve resort in Portugal.
Agent HVS Hodges Ward Elliot acted for Pacific Investments.
