and Balzac Hotels in Paris for $65 million
France; Acquisitions include De Vigny and Balzac boutique
hotels for $65 million.
London, 3 June 2004: MBI International, a $3 billion multinational with
strong interests in the Middle East and Europe, has finalized a $102 million
luxury hotel acquisition in France through its JJW Hotels & Resorts
group, which includes two boutique hotels in the heart of Paris. The purchase
marks the 15th anniversary of JJW’s operations in France.
The recently renovated De Vigny hotel was built in 1980 and has 26 luxury rooms and 11 suites. It was decorated by the well-known designer 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.
Originally built in 1910 and recently renovated in 2000 the Balzac hotel has a rich history and some of the most sought after suites in Paris. The hotel features 69 luxury rooms, including 14 executive suites and a special Royal Suite with its own terrace overlooking Parisian rooftops and the Eiffel Tower. It also houses the world famous Pierre Gagnaire restaurant on its ground floor.
“This latest acquisition builds on JJW’s already strong portfolio of luxury hotels and resorts that includes the Berners Hotel in London, Grand Hotel Vienna and Royal Algarve resort in Portugal,” said Sheikh Mohamed. “This transaction is indicative of our group philosophy which aims to replicate market dynamics by adapting to areas of high growth across both Europe and the Middle East.” He pointed out that MBI International’s success is based on the ability to identify and capitalize on investment opportunities in challenging markets that offer high returns. “The luxury hotel sector fits this definition perfectly,” he said.
MBI International and Partners is the global group that combines the companies owned by Arab entrepreneur Sheikh Mohamed Bin Issa Al Jaber. The group enjoys annual revenues of some $1.7 billion and an asset base worth $3 billion. It employs 9,000 people and operates in Saudi Arabia, the UAE, Egypt, Kuwait and across Europe.
MBI International and Partners comprises three key entities: JJW Hotels and Resorts, which operates in the hospitality industry; AJWA Group for Food Industries, one of the largest agribusinesses in the Middle East; and, Jadawel International, a major real estate development company that owns and operates exclusive luxury residential compounds in the region.
JJW Hotels owns and manages hotels and resorts in Europe, the Middle East and North Africa, with a significant operational presence in France, UK, Portugal, Austria and Egypt.
Mohamed Bin Issa Al Jaber is directly involved in many charitable and
educational activities and actively promotes the business and cultural
interests of the Arab world. His desire to provide practical assistance
to the community led him to offer scholarship programmes to deserving students
at some of the world’s finest educational institutions. Founding Sponsor
of London Middle East Institute at the London based School of African and
Oriental Studies, he has also given a generous donation to fund a new building
at the Jeddah-based Dar El Hekmah College, an English-language, private
sector women's liberal arts college.
London SW1Y 4SP
0207 344 1515
|Also See:||JJW Hotels & Resorts Acquires ANA Grand Hotel in Vienna; ANA Hotels Continues Sales and Marketing Services / Aug 2002|
|Georges A. Chauve and Partner Craig Hall of Hall Financial Group Opening Two Boutique Hotels in Paris, France / May 2003|