A Hong Kong-based investment firm is buying the only five-star hotel on Paris’s coveted Avenue des Champs-Elysées as it bets on a growth in high-end Chinese tourism to the city of light.
Kai Yuan Holdings said that it would acquire Marriott Hotel Champs-Elysées for €345m, according to a stock market filing in Hong Kong on Monday night. The deal sent its share price soaring more than 60 per cent.
Paris has long been among the world’s most visited cities and France last year attracted 83m tourists. But the move highlights the growing importance of China to tourism in the world’s leading cities.
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