An investment vehicle backed by Czech billionaire Daniel Kretinsky bought a castle located south-west of Paris for 43 million euros ($43.1 million), with a plan to turn it into a luxury hotel complex, according to people familiar with the matter.
(Bloomberg) — An investment vehicle backed by Czech billionaire Daniel Kretinsky bought a castle located south-west of Paris for 43 million euros ($43.1 million), with a plan to turn it into a luxury hotel complex, according to people familiar with the matter.
Kretinsky acquired the Chateau du Marais and its surrounding land over the summer from a French aristocratic family, according to filings seen by Bloomberg.
A spokesman for Kretinsky said the purchase is a 50-50 joint investment with Jiri Smejc, the CEO of the Czech investment group owned by the billionaire Kellner family.
Kretinsky, 47, made his fortune by buying power plants with his group EPH, and is currently an investor in Royal Mail Plc, West Ham FC, and retail groups including Casino Guichard-Perrachon SA and Fnac Darty SA in France, as well as holding a stake in Le Monde.
An Ambitious Hotel Is Remaking the Loire Valley As Luxury Escape
The Chateau du Marais, located 36 kilometers (22 miles) from Paris, is known as one of the finest examples of Louis XVI architecture. It features several buildings, a 550 meter-long mirror-lake, and an English-style park.
“The plan is to completely renovate the interior to create a luxury hotel,” says the mayor of Val-Saint-Germain, Serge Deloges, where the castle is located. “This can only be good for the town”.
The brokerage was handled by Gregoire de Commarque, and the renovation works will be handled by Perrot & Richard architects, according to a person familiar with the matter.
(Adding Kretinsky’s spokesman comment in third graph)
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