Wizard Partners opens Paris office

The Italian private equity investment company, Wizard Partners, is establishing an office in Paris. The company specialises in development, buyout and replacement transactions. Francesco Noseda, who is a specialist in the hotel industry, will head up the new office. He joins from Swisshotel in New York. Wizard Partners now plans to invest around EUR 300m in establishing a 50-hotel chain in Europe, starting with its plans to acquire the French hotel chain Les Hotels de Charme. The aim is to generate a 38% rate of return over five years, before selling the brand to a large trade buyer. Wizard Partners was created in 2000 when it separated from Hong-Kong based private equity firm Morningside and is a member of the Italian Venture Capital association, Aifi.

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• Southern Europe