A partnership of Mohari Hospitality, Omnam Investment Group and Paris-based musician Pharrell Williams will buy the historic former Hôtel Saint-James & Albany.
This is the latest acquisition by the joint venture formed in July 2022 by global investment firm Mohari and global real estate group Omnam, according to the news release. It has a focus on luxury hospitality, food and beverage and leisure in Europe.
A website for the hotel states it is closed for "an extensive and lengthy renovation."
The acquisition price and seller were not disclosed by the partnership, but Business Immo reports the hotel, marketed for sale for less than a year, was sold by a family for between €180 and €200 million. The hotel does not have an operator in place, and the number of keys is yet to be determined.
Built in the 17th century, the former former Hôtel Saint-James & Albany is located between Rue de Rivoli and Rue du 29 Juillet in the 1st Arrondissement of Paris, on the right bank of the Seine. The hotel overlooks Rue Saint Honoré, one of the city's most famous streets of fashion and luxury, and offers a direct view of the Tuileries Gardens and the Terrasse des Feuillants.
"This project exemplifies our dedication to identifying and creating unique luxury hospitality projects that deliver unparalleled experiences in the world's most desirable destinations," Mohari CEO J. Allen Smith said in the release. "It is but the latest example of how, in partnership with Omnam, we can apply our market knowledge, operating expertise and industry insight to bring back to life an exceptional property. We intend to honor the property's extraordinary romantic heritage while creating a new hotel which represents the state of the art of modern luxury hospitality."
Omnam founder and CEO David Zisser said in the release that the partnership is excited to demonstrate its ability to create lifetime luxury experiences in such a historical building in Paris.
"This unique asset has been selected as the flagship of our exceptional partnership with Mohari, which has created an unparalleled, united team of visionaries, pushing the boundaries of design, guest experience and sustainable technology," he said.