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$113M Buys Bonaparte Family Mansion for Hotel

PARIS-Shangri-La Asia, parent of publicly held Shangri-La Hotels and Resorts, acquires the 110-year-old seven-story mansion in Paris' 16th arrondissement with plans to convert it into a 140-room luxury hotel.

By Brian K. Miller | Updated on January 23, 2006

PARIS-Shangri-La Asia has acquired the Bonaparte family mansion here with plans to convert the seven-story building to the Shangri-La Hotel-Paris in late 2008, marking the Hong Kong-based group’s European debut. A company source tells GlobeSt.com that the purchase price was $113 million (euro 92 million).

The mansion was designed and owned by Prince Roland Bonaparte, grand nephew of Napoleon Bonaparte. The property address is 10 d’Iena, which is next to the Iena metro station and set amidst a mix of residences, businesses, museums and embassies in Paris’ 16th arrondissement. The Eiffel Tower, Champs Elysées and Arc de Triomphe all are within walking distance.

The cost of renovating the property is “still being determined,” says the source. When complete, it will be Paris’ first luxury hotel fully owned and operated by an Asian hotel group.

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