Sol Meliá has also announced that it will be spending a further 1,500 million pesetas - 9 million euros � in the renovation of the properties to adapt them to the product and service quality standards expected of the Meliá and Meliá Confort brands and the new Boutique Hotel concept. 

The Internal Rate of Return Sol Meliá expects from the investment is 8.7%, while the purchase price is equivalent to 11.9 times profits before amortisation and taxes. 

According to the Vice Chairman of Sol Meliá, Sebastián Escarrer, �the incorporation of these 9 hotels in France, coinciding with the first anniversary of the creation of the new Sol Meliá after our take-over of MIA and our merger with Inmotel Inversiones, once again confirms our determination and commitment to continue to pursue sustainable, profitable growth in Europe�s major cities�. He added that, �in the course of this year we have already invested more than 35000 million pesetas � 210.35 million euros � in the purchase of 11 hotels in Europe and Latin America�. 

He also adds that, �now we have created this structure in Paris, our next priority will be to focus on increasing our presence in France through the ownership of additional hotels and also through management and franchise agreements, aiming for a total of between 20 and 25 hotels in total. We expect that some of them will specialise in the meetings, seminars and incentives market to complement our penetration of the business travel market�. 

The Launch of a New Range of Products 

The closing of acquisition of this 9 hotels should be on 1st. December, coinciding with the launch of the new �Boutique Hotel� concept which will be introduced in some of the finest Meliá Hotels. 4 of the hotels in Paris will also be adapted to conform to the �Boutique Hotel� concept and standards. 

The new �Meliá Boutique Hotel� line will focus on small hotels with their own particular style and personality, located within exceptional buildings such as old palaces, reformed castles and convents, etc. and strategically located in the centre of Europe�s most popular historical and cultural cities. 

The �Meliá Boutique Hotels� will offer exclusive, luxury design, created by the finest interior designers in the modern hotel industry and the most highly personalised service � including such features as a sheet and pillow menu, turndown service, designer bathroom amenities, reservations in the city�s finest restaurants of each city, amongst others -. 

One of the most outstanding features of the new �Boutique� hotels will also be their use of the very latest state-of-the-art technology throughout their facilities. Guests rooms, for example, will all provide interactive TV, video and CD players with access to a movie and music library, Internet access, email, a telephone in the bathroom and two telephones in the bedroom with voice mail. 

According to Sebastián Escarrer, �the �Meliá Boutique Hotel� line has been designed for the most discerning of guests and experienced international travellers; those people that seek an elegant and modern hotel that provides an intimate and exclusive atmosphere�. 

He added that, �we would like to open around 25 of the new �Boutique Hotels� over the next 3 years, with an investment of up to 37,000 million pesetas � 222.3 million euros ��. These investments he explains �will allow us to cater to a new market segment which has seen considerable growth in recent years�. In fact �important hotel companies such as Westin, Sheraton, Accor or Forte have made similar moves with their hotel brands �W�, �The Luxury Collection�, �Demeure� and �Heritage�, respectively�. 

Description of the 9  Hotels in Paris 

The 9 hotels in Paris all enjoy excellent central locations in or near the capital�s main cultural attractions such as the Champs Elysees, Montmartre, Quartier Latin, Eiffel Tower, the Opera and the Louvre, amongst others. 
 
 

Blanche Fontaine

Hotel Blanche Fontaine is a "quiet, out of the way" hotel. The main entrance is shielded from the bustle of the Parisian streets, creating peace and tranquillity. The contemporary decor featuring varnished wood and soft colors is compliments the summer  terrace decorated with flowers. The Hotel lies at the  foot of the Sacre Coeur, which crowns the Montmartre Hill. Hotel Blanche Fontaine also includes a hotel bar and offers use of its private garage.

Paris: A Priveleged Destination 

According to the World Tourism Organisation (WTO), Paris is the leading tourism destination in the world. Of the 45 million tourists that visited France in 1998, 29 million stayed in Paris hotels. In the first six months of 1999, average occupancy in Paris hotels reached 78%, an increase of 3.6% over the same period in the previous year. 

Sol Meliá currently operates more than 260 city and resort hotels in 28 countries, 185 of which are to be found in Europe, throughout Belgium, Croatia, France, Germany, Greece, Portugal, Spain, Turkey and the UK, with hotels soon to be opened in Italy. Sol Meliá, the leading hotel company in Spain, is also the second largest hotel chain in Europe.