Zara founder checks into Paris hotel for €97m

Pontegadea, the investment vehicle of Zara founder Amancio Ortega, has acquired Hotel Banke in Paris from Derby Hotels for €97 mln.

Hotel Banke - Paris

This is Pontegadea's second acquisition in the French capital within a year, following last year's purchase of an office building near the Paris Opera for over €200 mln.
The acquired 5-star hotel is situated in a historic building designed with contributions from Gustave Eiffel's studio. Derby Hotels previously purchased the property in 2007 for €75 million (including renovations).
The hotel is centrally located on the corner of Rue Lafayette and Rue Pillet-Will, next to the Opéra Garnier.
Pontegadea plans further renovations of the newly-acquired asset and, according to Spanish press reports, it will operate under the Radisson Collection brand.
Derby Hotels will use the proceeds to focus on renovating its London property, The Caesar Hotel.
This deal follows Pontegadea’s recent acquisition of an office building in Barcelona for €250 mln.
Pontegadea, which manages Ortega's 59% stake in Inditex (Zara's parent company), primarily reinvests dividends into high-end commercial and residential properties in key Western European, US, and Canadian cities.
The company is consolidating its European operations (excluding Iberia and the UK) via a Luxembourg-based firm. Its diverse portfolio includes assets like Planeta's Barcelona headquarters, Clifford Chance's Luxembourg headquarters, and a Dublin office building.
Pontegadea’s hotel holdings include the Concepció by Novis, Nobis Hotel Palma, and Senator Playaballena, all in Spain.