Copthorne Hotel Holdings, a division of City Developments Ltd., acquired the 268-room Hilton Paris Opéra for €240 million ($259 million), or €895,522 ($965,695) per room.
CDL bought the property on Parisian street Rue Saint-Lazare from funds managed by U.S. private-equity firm Blackstone, which bought the property in December 2013 for an undisclosed price.
Blackstone Real Estate Partners Europe IV acquired the former Concorde Opéra and undertook a refurbishment before rebranding it with Hilton in 2014.
According to data from CoStar, Palm Beach Gardens, Florida-based Westbrook Partners bought the hotel in November 2006 for £68.6 million ($74 million).
The five-story hotel in French capital’s 8th Arrondissement opened in May 1889 during that year’s Exposition Universelle, or World’s Fair.
CDL’s executive chairman Kwek Leng Beng said in a news release he was happy to add the property to CDL’s portfolio ahead of Paris hosting the 2024 Summer Olympics.
“This acquisition provides us with the rare opportunity to enhance our hospitality portfolio with a trophy asset, expand our presence in a key gateway city in Europe ahead of the Paris 2024 Olympics and bolster our recurring income with potential for value-add,” Kwek said.
The Singapore-based company now has three hotels in Paris. The other two are the 239-room Millennium Hotel Paris Charles de Gaulle and 163-room M Social Hotel Paris Opéra.
The Millennium-branded hotel is operated by CDL’s hotel subsidiary Millennium & Copthorne Hotels, of which CDL has the majority stake. The hotel firm has 136 hotels and approximately 36,500 rooms, according to its website.
Its latest asset was renovated in 2015, the release said.
It was not announced if it was to be placed under the umbrella of Millennium.