Sono Hospitality has purchased the Hotel Dame Des Arts in Paris from New York-based equity fund Angelo Gordon & Co and EQ Group.
Located at 4 Rue Danton in the Latin Quarter, the 109-bed upscale hotel is set over nine floors and also comprises a 360-degree rooftop bar, a fitness centre and a restaurant. It opened its doors in early 2023 following an extensive renovation program.
Sono Hospitality is the European arm of Korean Sono International. The purchase – which is said to be priced at around $118.8 million, according to MSCI Real Capital Analytics - marks Sono’s entry into the European hotel market.
CBRE advised Sono Hospitality.
What they said
Sangkil Park, managing director of Sono Hospitality said: “We are excited to continue with our global expansion plans and to debut in Europe in one of the most exciting global cities of the world.”
Sami Mendil, head of hotels investment properties, France at CBRE added: “The Paris hotel market performed well in 2023 and is known for its resilience and high barriers to entry. Europe as a whole has maintained its status as a favoured destination for travellers worldwide, particularly in key tourism and gateway cities such as Paris. The Summer Olympics will see tourism in Paris gain further momentum, and we expect this to be reflected in hotel demand levels for the rest of the year.”