MBI acquires two Paris hotels for $102m

MBI International, a $3 billion multinational with strong interests in the Middle East and Europe, has finalised a $102 million luxury hotel acquisition in France through its JJW Hotels and Resorts group, for two boutique hotels in the heart of Paris.

The purchase marks the 15th anniversary of JJW's operations in France.

"We are very proud to have De Vigny and Balzac join JJW's portfolio. These are unique properties that offer the highest standards of excellence to a sophisticated clientele," said MBI Chairman and CEO Mohammed bin Issa Al Jaber.

"As boutique hotels, they are part of a growing, high value added sector of the travel industry and one in which we intend to further expand our investments."

He said JJW was consolidating its European holdings and targeting the higher end of the business and leisure travel market.

The deal, negotiated and concluded by Freddie Shaibi, managing director and member of the executive board of JJW, was made with Sir John Beckwith's London-based Pacific plc, through agents HVS Hodges Ward Elliott.

The deal brings the number of JJW four-star properties in Paris's prestigious 'golden triangle' to five, complementing the Amarante Champs Elysee, the Amarante Beau Manoir and the Amarante Arc de Triomphe and takes the number of rooms to over 250.

The recently renovated De Vigny was built in 1980 and has 26 luxury rooms and 11 suites. It was decorated by Nina Campbell and provides one of the highest rated dining experiences in Paris, the Baretto Art Deco bar and restaurant. The De Vigny is the only Relais & Chateaux hotel in Paris.

Built in 1910 and renovated in 2000, the Balzac has a rich history and some most sought after suites in Paris. It has 69 luxury rooms, including 14 executive suites.