Completion of major redevelopment to deliver iconic hotel in Paris Gare de Lyon
AXA Investment Managers - Real Assets completes major redevelopment to deliver iconic hotel in Paris Gare de Lyon
-Opening in October, the hotel will be operated by Marriott International-
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe(1), announces that, on behalf of one of its clients, it has completed the major redevelopment of Tour Paris-Lyon hotel, previously a high-rise office-led property in an iconic location on 209-211 rue de Bercy, Paris 12, delivering a contemporary hotel, expected to be opened to the public in October 2018.
In line with AXA IM - Real Assets strategy of working with best in class operating partners, a long-term lease has been signed with Marriott International who will operate the hotel under Courtyard by Marriott brand.
Having identified the potential for an alternative use, AXA IM - Real Assets leveraged its development expertise to convert the building into a 19 floor, 12,500 sqm hotel, which offers 249 bedrooms with stunning panoramic views over Paris. Amenities include a choice of international cuisines, a conference centre and fitness facilities. Managed by Pitch Promotion with Studios Architecture acting as both base building architect and interior designer, the refurbishment commenced in autumn 2016.
The hotel is located in Paris, on rue de Bercy, in front of the historic Gare de Lyon train station. Benefitting from excellent public transport links and road access, the hotel is ideally positioned to address in equal measure both the business and leisure segments of the Paris hotel market. The 12th arrondissement is one of the most dynamic in Paris, home to the world famous Opéra Bastille and a number of major businesses.
This completed hotel development adds to AXA IM - Real Assets’ €2.3 billion portfolio of hotels across eight countries that it manages on behalf of clients. AXA IM - Real Assets’ hotels are predominantly operated by leading hotel brands through various different management contracts, from traditional leases to franchise agreements.
Nathalie Charles, Head of Development & European Country Teams at AXA IM - Real Assets, commented: “The extensive redevelopment programme and changes realised at Tour Paris Lyon represent the culmination of four years’ work and demonstrate AXA IM - Real Assets’ position as one of Europe’s most active property developers. We are pleased to deliver this new flagship hotel in what is an iconic Paris location.”
“The partnership with leading hotel operator Marriott International dovetails with our extensive experience and will lead to further value creation. The continued involvement of AXA IM - Real Assets also demonstrates our ongoing confidence in the European cities hotel sector, with the strong growth of recent years expected to continue into 2019.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
AXA Investment Managers – Real Assets
Charline Coué, Media Relations, Real Assets
Jocelyne Tamssom, Head of Communications, Real Assets
Tel +33 1 44 45 97 95
FTI Consulting Inc.
Richard Sunderland, Tom Gough, Ellie Sweeney, Clare Glynn
Tél: +44 20 3727 1000
Note to editors
AXA Investment Managers is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €759 billion(1) in assets under management as at end of June 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers - Real Assets has €77 billion in assets under management, including €58.6 billion in direct property & infrastructure and €14.8 billion in real asset finance as of end of June 2018(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
AXA Investment Managers is part of the AXA Group, a world leader in financial protection and wealth management.
Visit our websites: www.axa-im.com / https://realassets.axa-im.com
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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