MIMCO Capital Buys Vacant Paris Office at 22 rue Bayen for €28 Million to Convert to 47-Suite Hotel
PARIS — MIMCO Capital and the broader MIMCO group completed the acquisition of 22 rue Bayen, a vacant office building in Paris's 17th arrondissement, for €28 million, excluding acquisition costs. The transaction closed Oct. 28, 2026, according to the firm's announcement, which was dated Oct. 29. MIMCO plans to convert the 2,367-square-meter property into 47 premium suites for hotel use under the Quartier Libre Collection brand.
22 rue Bayen Acquisition: Deal and Property Details
The building at 22 rue Bayen, known as 22 Bayen, sits a short walk from Place des Ternes. The area lies between Place de l'Étoile, Porte Maillot and Parc Monceau, close to the Palais des Congrès and the Champs-Élysées. The building, equivalent to roughly 25,478 square feet, spans six floors that were entirely vacant at the time of purchase.
The €28 million price equates to approximately €11,829 per square meter, or about €1,099 per square foot. Spread across the 47 planned suites, the purchase price works out to about €596,000 per suite before conversion and fit-out costs. The figure is not a hotel price-per-key valuation, because the asset was acquired as an office building and the price excludes redevelopment expenditure.
MIMCO said the building permit, obtained Oct. 2, 2026, following a pre-application review with the City of Paris, authorizes the change of use from offices to hotel accommodation.
Planned 47-Suite Hotel Conversion
The completed project is to include 47 suites, a spa, a fitness area, a breakfast service and 29 parking spaces. MIMCO said refurbishment work is expected to begin in the first half of 2027, with the hotel scheduled to open in the second half of 2028. Both dates are provisional, according to the firm.
The hotel will be operated by OptiGuest, a subsidiary of JHMH Group, under the Quartier Libre Collection brand through a management agreement. The concept combines spacious suites with full hotel services for a predominantly international clientele traveling for business and leisure.
MIMCO said the refurbishment follows its value-add strategy. Christophe Nadal, co-founder and CEO of MIMCO, said: "22 Bayen illustrates one of our convictions: value creation comes from transforming obsolete office buildings into hotels that contribute to the vitality of the city. This project responds to the challenges of a changing market and comes into its own in an iconic Paris neighbourhood."
Nadal added: "As an operator, securing the hotel permit and then completing the financing within a few weeks is the result of collective work with our banking partners and Quartier Libre Collection, for our third Paris project together."
Financing and Participants
MIMCO structured the transaction on behalf of its family office clients, financial investment advisers and private investors. The acquisition was financed by a loan from Caisse d'Epargne Hauts de France, which will also finance almost all of the refurbishment work. L'Etoile du Nord Promotion, the investment subsidiary of Caisse d'Epargne Hauts de France, joined the transaction as a minority shareholder.
MIMCO credited advisers and partners on the deal, including Gide Avocats and R&D Notaires, as well as representatives of Caisse d'Epargne Hauts de France, L'Etoile du Nord Promotion and JHMH Group.
The project follows two earlier MIMCO collaborations with OptiGuest: 82 boulevard de Sébastopol in Paris's 3rd arrondissement, which opened in June 2024 with 36 rooms, and 15 rue Fénelon in the 10th arrondissement, which is currently being converted.
Market Context: Paris Office Vacancy and Hotel Demand
The transaction pairs weak demand for some older office stock with firm Paris hospitality fundamentals. Île-de-France entered the second half of 2026 with approximately 6.5 million square meters of immediately available office space, while take-up was about 750,000 square meters in the first six months, below both the prior year and long-term averages.
Paris hotels, by contrast, have posted resilient performance. HVS reported 78% average occupancy in 2025, matching the market's ten-year peak, with an average daily rate close to €350. RevPAR rose 3% year over year and stood 83% above 2016 levels. The city has approximately 1,790 hotels and 97,000 rooms.
Investment activity has also been steady. Greater Paris recorded approximately €845 million of hotel transactions in the first half of 2026, covering 21 hotels and 1,661 rooms, with prime hotel yields generally ranging from 4.75% to 5.25%. France recorded nearly €1.4 billion of hotel investment in the period, up 29% year over year, with Greater Paris accounting for 55% of national volume. Greater Paris achieved approximately 72.9% occupancy, a €159.6 average daily rate and €116.4 RevPAR in the first half of 2026.
About MIMCO
Founded in 2016, MIMCO is a pan-European investment group specializing in the structuring, investment and management of real estate assets, with a long-standing value-added positioning. It works on behalf of institutional investors, family offices, financial investment advisers and private banks, has more than 60 employees in France, Luxembourg, Germany, Spain and Portugal, and manages over €2.6 billion of real estate assets across its products.
The ultimate economics of the 22 rue Bayen project will depend on conversion costs, achievable rates and occupancy for the 47 suites, and execution of the planned 2027 start and 2028 opening.
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