Open Source Holdings (01215.HK) announced that on December 1st, subsidiary MCE OpCo entered into a renovation agreement with ISG Europe, the general contractor, to grant it the renovation of the Marriott Paris Hotel at a contract price of 6.3858 million euros, equivalent to about HK $56.195 million, which will be paid with internal resources. The project will be started on January 3, 2022 and is expected to be completed on June 8, 2022.

The company said that in order to prepare for the 2024 Paris Olympic Games and to expect the full opening of the French tourism industry after the epidemic, the company decided to renovate the Marriott Hotel and planned to divide the entire renovation project of the Marriott Hotel into two phases, and the renovation agreement will constitute the first phase of the renovation project. During the first phase of the renovation project, the Marriott Hotel will be open as usual, and the hotel area not affected by the renovation works will continue to operate.

The company also said that it may consider carrying out the second phase of the Marriott Hotel renovation project after the completion of the first phase of the renovation project.