Rome-based owner Gruppo Statuto has dipped its hands into the cash till again for another luxury European hotel.
On Jan. 3, the company bought the 135-room Mandarin Oriental, Paris, for €205 million ($225 million), or more than €1.5 million ($1.64 million) per key, according to a news release from business advisory JLL, which helped broker a deal expected to close on March 31.
The deal keeps in place Mandarin Oriental Hotel Group’s 50-year agreement to manage the hotel, which opened in 2011. The Hong Kong-based company has planned a renovation of €50 million.
Mandarin Oriental signed an option to sell the hotel to Gruppo Statuto, which also is known by the name SLH Hotels Srl, in late December.
Gruppo Statuto specializes in acquiring properties in its home country, Italy, but the latest acquisition speaks of a continued widening of its focus.
In December, it opened the 60-room COMO Alpina Dolomites, operated by COMO Hotels and Resorts, in Val Gardena in northern Italy, an Alpine resort that will not be seasonal.
Last October, it acquired the 96-room Six Senses Rome from London-based Orion Capital Partners for €245 million, or approximately €2.5 million per key, the most-valued hotel deal by price per key in 2023 in Europe.
It has several other luxury siblings in its Italian portfolio, including the 118-room Four Seasons Hotel Milan; 111-room Four Seasons Taormina, which overlooks Mount Etna; 104-room Mandarin Oriental Milan; and 116-room W Milan, among others.
In 2025, it will open the 70-room Rosewood Milan and reopen the Hotel Danieli in Venice, which will be named the Hotel Danieli Venezia, a Four Seasons Hotel, following extensive renovations.
To help fund these projects, and others, Gruppo Statuto structured a financing deal of €495 million in March 2023, principally with Milanese bank Banco BPM but also with capital support from London-based GWM Group and online challenger bank ARECneprix, according to a news release.