Amancio Ortega, the founder of Spanish clothes retailer Zara, has acquired the 90-room Autograph Collection Hotel Banke Opera in Paris for €97 million ($113.3 million), according to news site CPP Luxury.
The seller is Derby Hotels Collection, which now has nine hotels in its home of Barcelona, two in Madrid and one in London. The Hotel Banke Opera was the company's only asset in France.
It bought the hotel in 2007 for approximately $68.5 million, according to CoStar.
Ortega’s family office Pontegadea Inmobiliaria SL, which owns 59% of Zara’s ownership entity, Inditex SA, is the official buyer of the property.
The sale comes in at a per-room price of approximately €1.07 million ($1.25 million).
Benoît Léger, writing for CoStar News Hotels’ sibling publication, Paris-based Business Immo, said the deal is one of a string of acquisitions across multiple real-estate asset classes that the 89-year-old Ortega has overseen in Paris.
The Hotel Banke is Ortega's first hotel acquisition in the city.
According to the Bloomberg Billionaires Index, Ortega has worth of approximately $101 billion, making him the second richest person in Europe behind Bernard Arnault, chairman of LVMH Moët Hennessy Louis Vuitton, which among other assets owns luxury hotel firm Belmond.
He also owns other clothing brands such as Massimo Dutti, and Pontegadea’s profits have largely been reinvested in real estate.