Extended stay specialist edyn is venturing into the French market for the first time with the expansion of its Locke lifestyle brand into Paris.
The chain, owned by one of Brookfield’s private real estate funds, has acquired a historic property in the city’s fifth arrondissement which will be converted into a 145-key boutique aparthotel.
Hybrid concept
Currently an 18th century mansion located in the cosmopolitan Latin Quarter, the site will be transformed into a flagship location for Locke. Integrating the brand’s hybrid concept.
The sensitive redevelopment into Locke Paris will result in 1,000 sq m of activated 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. Accommodation will feature 145 studio apartments spread 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 a targeted opening date in the second half of 2024.
Gateway growth
With lending secured from Goldman Sachs Asset Management, this acquisition aims to further strengthen edyn’s position in the hybrid hospitality sector and continues the group’s rapid growth across key European gateway cities.
The company’s recent growth track 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.
Parisian first
Merzak Kaddour, investment director at edyn, commented: “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.”
The chain’s CEO Stephen McCall 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.”
Chris Semones, MD in the real estate business within Goldman Sachs Asset Management, added: “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.”
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