Zara Founder Ortega Acquires $113M Paris Hotel

Amancio Ortega, the founder of Zara and one of Europe's wealthiest individuals, has expanded his extensive real estate portfolio by acquiring the five-star Hôtel Banke in Paris for approximately €97 million ($113 million). This purchase marks Ortega's second property acquisition in Paris within a year and aligns with his family office Pontegadea's strategy of reinvesting dividends from Ortega's 59% stake in Inditex primarily into high-end real estate across Western Europe, the United States, and Canada. Pontegadea rarely invests in hotels, making this deal notable amid earlier 2024 acquisitions including properties in Fort Lauderdale, Barcelona, and a commercial building in Paris. Ortega, aged 89, is expected to receive over €3 billion in dividends from Inditex this year, underscoring his significant wealth and influence in both fashion and real estate sectors. His portfolio features prestigious buildings globally, such as the flagship Tiffany & Co. store in San Francisco and prominent skyscrapers in Spain and London. Ortega's continued real estate investments reflect his strategic diversification beyond fashion into lucrative property markets.