FRANCE: edyn has announced its first foray into France with aparthotel Locke to open in Paris in 2024.
Edyn, the hybrid extended stay pioneer, owned by one of Brookfield’s private real estate funds, has today announced the expansion of its lifestyle aparthotel brand Locke in Paris.
The acquisition of a historic property in the city’s fifth arrondissement will be followed by its development into a 145 key aparthotel, due to open in 2024.
The 18th Century mansion, located in the Latin Quarter, is close to Sorbonne University and the Panthéon. Following a sensitive redevelopment edyn will create 1000sqm of social spaces comprising a winter garden, a high-concept restaurant and bar set under a restored glass atrium, co-working, coffee shop, gym and laundry facilities.
The aparthotel will offer 145 studio apartments over seven storeys, which will be housed in a new building to the rear of the site. The site has been purchased with planning permission and the development is expected to start this month with an opening date in the second half of 2024.
Merzak Kaddour, investment director at edyn said: “This is a particularly exciting acquisition, as it represents our first entry into this long sought-after market, while signalling the continued support and endorsement of Brookfield and Goldman Sachs. We look forward to opening this landmark property as we continue our European expansion.”
edyn secured lending from Goldman Sachs Asset Management for the expansion as it continues the group’s growth across key European gateway cities.
Chris Semones, managing director in the real estate business within Goldman Sachs Asset Management, said: “We are proud to continue our association with edyn and support the acquisition of this beautiful site in Paris, enabling edyn to further establish their platform across Europe. This transaction continues our focus on top quality assets in prime locations. Given changing consumer trends and the need for more extended-stay options, we are excited to see this development open.”
Recent growth includes the acquisition and redevelopment of the NH Hotel in London’s Kensington and the opening of Wunderlocke in Munich, with Locke at East Side Gallery to follow imminently in Berlin.
edyn has also announced two further Locke hotels currently under development in Zurich and Lisbon, which are due to open in 2023 and 2024.
edyn currently owns and operates 12 trading properties and 1,978 trading keys across five markets. The brand has launched in six new locations in 2021 including London, Cambridge, Dublin and Munich, and recently announced the acquisition of a new location in Kensington, London. Brookfield acquired edyn, formerly known as SACO, in 2018.
Stephen McCall, CEO at edyn said: “Locke will be the first design-led lifestyle aparthotel to open in Paris, and we’re thrilled to introduce our forward-thinking brand to such an iconic city. After establishing ourselves as one of the most innovative hybrid hospitality groups in Europe, this flagship opening in Paris further extends the reach of our exciting pipeline of Locke and Cove hotels across the continent, at a time when awareness of extended stay is translating into record levels of consumer demand.”
In March this year edyn secured an additional £105 million in debt funding from Blackstone Mortgage Trust and KSL Capital Partners’ European Capital Solutions platform (KSL ECS). The new funding round expands on the £195 million multi-asset debt facility agreed last year with Blackstone and KSL, bringing total funding through the facility to £300 million to date. It was originally established to support the acquisition and development of five new Locke and Cove projects across Europe, and this latest deal will further support edyn’s expansion strategy.
