Zara Billionaire Ortega Buys Hotel in Paris for $113 Million

Fashion billionaire Amancio Ortega bought Hotel Banke in Paris for €97 million ($113 million), the Zara brand founder’s second property acquisition in the French city in the past year.

Ortega’s family office Pontegadea acquired the building from Derby Hotels, a spokesman for the Spanish firm said, confirming a report in newspaper Expansion. The five-star hotel is located in central Paris, near the Palais Garnier opera theater.