As part of its asset management and restructuring strategy, Accor announces the refinancing of the Pullman Paris Tour Eiffel through a management contract. The Group, which took over the hotel in early 2009 under a fixed lease agreement, will continue to operate the hotel via a long term management contract.
Located near the Eiffel Tower, the Pullman Paris Tour Eiffel opened in 1967 and is one of the most famous hotels of the city. It currently offers 460 rooms and 13,993 sq. ft. of fully equipped meeting rooms. In 2013/2014, the hotel will benefit from a refurbishment program representing a €47 million investment, of which financing arrangement and syndication were assigned to Natixis Lease by the owner, Elliott Aintabi (Jesta Group). The hotel will remain open during the renovation works.
Denis Hennequin, Accor’s Chairman and Chief Executive Officer, said: ‘This transaction further demonstrates our ability to dynamically manage our assets - including leased hotels. It is also a good example of a successful partnership with an owner willing to lead, together with Accor, a highly value creative project. After renovations, the Pullman Paris Tour Eiffel will rank among the most iconic flagships of the Pullman brand in the world.’