LVMH Gets Green Light for 450 Million-Euro Samaritaine Project
LVMH Moet Hennessy Louis Vuitton SA (MC) received a building permit to convert the defunct La Samaritaine department-store in Paris into a hotel and said it will spend 450 million euros ($600 million) on the project.
The development, which includes commercial space, offices social housing and a daycare center, will open at the end of 2015, LVMH said today in an e-mailed statement. The hotel will be under the Cheval Blanc brand.
LVMH, which also owns the Le Bon Marche department store, acquired La Samaritaine in 2001 and closed it in 2005, saying the building was a fire hazard. The world’s largest maker of luxury goods won approval in 2009 to convert the 143-year-old structure into a hotel.
SANAA, a Tokyo-based architecture practice whose previous projects include New York’s New Museum of Contemporary Art, was appointed last year to design the renovation.
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