Investment Overview · Paris 18^e · June 2026

107 Boulevard Ney
Lume Paris

A 380-capsule adaptive-reuse hotel in the heart of Montmartre. Acquisition at €14.2M net vendeur — targeting 23% IRR and 2.6× MOIC over a 5-year hold.

23%

Target IRR

Levered · Base case

2.6×

Target MOIC

5-year hold

380

Capsule Pods

2,440 sqm GLA

€14.2M

Entry Price

Net vendeur

€8.5M

LP Equity

Min. €500K ticket

The Asset

A raw building in a
landmark location

107 Boulevard Ney sits at the gateway to Montmartre — one of Paris's most visited districts. A 7-storey 1960s office-retail building, currently vacant, with full conversion rights. Direct métro and Transilien access.

Address107 Boulevard Ney, Paris 18e

Gross Floor Area~2,440 sqm GLA

Floors7 storeys + basement

Current UseVacant office-retail

Capsule Hotel Pods380 capsules

Self-Storage (lower flrs)~700 sqm

VendorGroupe Intuis

Seller's CounselMe Myriam Buton

Acquisition Price€14,200,000 net vendeur

Implied Price / sqm€5,820 / sqm

Planning StatusERP & change-of-use underway

Target Start on SiteQ2 2027

Target OpeningQ4 2027

"107 Ney is one of the last convertible freehold assets in Montmartre at sub-€6,000/sqm — in a location where equivalent boutique hotels trade at €40,000–60,000/key."

Investment Thesis

Three compounding value drivers

The opportunity combines a structural dislocation in Paris hospitality supply, an experienced operational GP, and a near-term self-storage disposal that derisk equity from Year 2.

Valuation Arbitrage

Acquiring vacant freehold at €5,820/sqm in a district where operating hotels transact at €40K–60K/key. The conversion unlocks 7–10× the underlying land value through operational income.

Lume Brand Premium

Lume's design-led capsule format commands ADR of €75–95/pod — 30–40% above generic budget hotels in the 18e. Josh Wyatt (ex-Generator, citizenM) brings direct operational expertise at this format and scale.

Self-Storage Catalyst

Lower floors (~700 sqm) to be fitted as self-storage and disposed at €4.7M in Year 2 — recycling ~55% of LP equity before the hotel has reached stabilised occupancy, meaningfully improving blended IRR.

Financial Highlights

Returns across three scenarios

5-year hold · Exit at stabilised EBITDA multiple · Self-storage disposal in Year 2. All scenarios assume senior debt at 4.5% and mezzanine at 8.5% PIK.

Bear Case

Occ. 75% · ADR €80
Exit cap 7.5% · No storage uplift

15%

Levered IRR

1.8×

MOIC

Base Case

Occ. 82% · ADR €85
Exit cap 7.0% · Storage €4.7M

23%

Levered IRR

2.6×

MOIC

Bull Case

Occ. 88% · ADR €92
Exit cap 6.5% · +281 sqm rooftop

33%

Levered IRR

3.4×

MOIC

IRR figures are levered equity returns before taxes. MOIC calculated on invested LP equity. Self-storage disposal proceeds are included in base and bull cases only. These are target returns — actual results may differ materially.

Capital Structure	Amount	% of Total	Notes
Acquisition — net vendeur	€14,200,000	—	Agreed price
Transfer taxes & notaire	€568,000	—	~4%
Construction / fit-out	€7,800,000	—	CES estimate Feb 2026
FF&E — 380 pods	€4,940,000	—	€13K avg/pod
Fees, finance & contingency	€1,492,000	—	Incl. 5% contingency
Total Project Cost	€29,000,000	100%
Senior Debt (60% LTC)	€17,400,000	60%	4.5% p.a.
Mezzanine	€3,100,000	11%	8.5% PIK
LP Equity Required	€8,500,000	29%	Min. ticket €500K

The GP Team

Three principals — one aligned team

Josh Wyatt joins as GP with a specific operational remit — hotel opening, brand standards, and ramp. His track record at Generator and citizenM directly validates the business plan assumptions.

Josh Wyatt

GP — Operations & Development

Innovative Hospitality Group · ex-citizenM · ex-Generator

30 years in European hospitality. Former CEO of Generator Hostels — grew from 2 to 17 properties across Europe. Expert in budget-premium conversion at scale.

Hadi Irvani

Managing Partner — Investment & Capital

Infill Capital Partners — Founder

Investor and entrepreneur with background across real estate, venture capital, and digital platforms. LP relationship and deal origination lead across London, Paris, Milan.

Alexis Janoray

Partner & CIO — Paris

ex-AccorHotels VP Africa · ex-Outsite · ex-WestLB

Paris-based real estate and hospitality professional with institutional credentials. Primary deal lead for 107 Ney — all local relationships, planning, and negotiation.

Next Steps

Ready to proceed?

We are building a focused group of investors for this opportunity. One-to-one briefings and financial model access available immediately. Target first close Q3 2026.

View Full Deck → Download Agreement ↓

Josh Wyatt

GP — Operations

josh@infillcapitalpartners.com

Hadi Irvani

Managing Partner

hadi@infillcapitalpartners.com

Alexis Janoray

Partner & CIO, Paris

alexis@infillcapitalpartners.com