Investment firms Bain Capital, Columbia Threadneedle and QuinSpark Investment Partners acquired the 957-room Pullman Montparnasse in Paris for €300 million ($355 million) or €313,480 ($370,477) per room, according to CoStar.
The seller is real estate investment trust Unibail-Rodamco-Westfield, which bought the hotel for an undisclosed price in January 2011 from United Kingdom-based Starman Hotels.
London-based Columbia Threadneedle and Paris-based QuinSpark will manage the hotel.
Located in Montparnasse, Paris’ 14th arrondissement, the 32-floor hotel underwent a €216 million renovation in 2021. The hotel was built in 1974, and the deal represents one of France's largest hotel transactions.
“European hospitality is one of our high conviction themes, where we see long-term secular demand tailwinds in acutely supply constrained markets," said Rafael Coste Campos, partner at Bain Capital.
Current macroeconomic conditions is "creating a rare window of opportunity to acquire strategic assets in Europe's main gateway cities," he added.
Marc-Olivier Assouline, head of European value-add for Columbia Threadneedle, said “the acquisition … is a prime example of our value-add strategy in action, combining an iconic Parisian asset with significant potential for long-term value creation."
Paris has seen some very high-ticket hotel acquisitions in the last couple of years. In January 2024, Italian owner Gruppo Statuto purchased the 135-room Mandarin Oriental, Paris, for €205 million, or more than €1.5 million per room. In May 2024, Singapore-based Copthorne Hotel Holdings bought the 268-room Hilton Paris Opéra for €240 million, or €895,522 per room.