Societe Fonciere Lyonnaise (SFL) said it has reached agreement with its partners, including Lainé Delau-GTM Batiment, part of the Vinci Group, to launch the final phase of renovation for the Palace Hotel located in the first arrondissement of Paris. The property, which is expected to re-open in spring 2011, will be managed by the luxury hotel operator, Mandarin Oriental Hotel Group, under a long-term lease agreement. SFL is a French real estate investment trust, or SIIC, which owns a property portfolio valued at EUR 3.8 bn. The company is mainly active in the Paris office and retail property markets.
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