The Ascott Group has acquired the building that houses its Citadines Paris Louvre property for £17.1 million.
Ascott had leased the 51-unit serviced residence from Predica since it acquired the Citadines chain in 2002.
Predica is the insurance arm of Credit Agricole, one of France’s major banks.
Ascott currently has a total portfolio of 5,620 units in 49 properties in Europe including 16 properties in Paris and six properties.
It has a total of 788 units scheduled to open by the end of 2010 in Georgia, Germany, Kazakhstan, Russia and the UK.
By Bev Fearis
