Henderson Park has bought a Paris hotel for its $500m (β¬465m) investment platform.
The firm, founded by Nick Weber, has acquired the Le MΓ©ridien Etoile hotel, the largest in Paris, from Mount Kellett Capital Management and Cedar Capital.
Henderson Park raised $500m for a European real estate platform with backing from Middle Eastern investors .
The new company, founded by Weber, attracted investment from private equity firm Stone Point Capital, the Kuwait Investment Authority and Wafra Investment Advisory Group.
Le MΓ©ridien Etoile, a 1,025-room hotel, is opposite the Paris Convention Centre.
Weber said the hotel had βsignificant potentialβ and fit the firmβs approach to investments.
βIt also offers the opportunity to asset manage further value,β he added.
βWe are firm believers in Parisβs strong underlying fundamentals as both a travel destination and an investment location, which, next to London, is one of only two truly global cities in Europe and remains one of the top three cities in the world in terms of tourist numbers.β
The hotel was relaunched last month following renovation.
