Global Hyatt Acquires Full Ownership Interest in Park Hyatt Paris-Vendome
PARIS, France, March 7, 2006. Global Hyatt Corporation today announced the acquisition of full ownership interest in Park Hyatt Paris-Vendome, the prestigious five-star luxury hotel located in the heart of Paris on Rue de la Paix. Global Hyatt's outright ownership of the 178-guestroom property comes as a result of the purchase of the hotel from Bouygues Immobilier and Credit Foncier. The purchase price was not disclosed.
Affiliates of the three companies developed the hotel, which opened in 2002 after a full rehabilitation by Bouygues Immobilier of a historic bank complex situated adjacent to Place Vendome, the landmark square originally built in 1702 as a monument to the glory of the armies of Louis XIV.
The hotel will continue to operate as Park Hyatt Paris-Vendome. Designed by renowned architect Ed Tuttle, Park Hyatt Paris-Vendome combines classical French and contemporary styles. Park Hyatt Paris-Vendome offers its discerning clientele premier accommodations in a preferred location, within walking distance of the Louvre Museum, Place de la Concorde and exclusive shopping.
Park Hyatt Paris-Vendome recently received prominent recognition as the #1 Hotel in Europe and the #2 Hotel in the World in Institutional Investor's World's Best Hotels Poll, an annual survey of top financial executives with an average household income exceeding $800,000 and who spent more than 60 nights in hotel rooms in 2005.
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