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Saudi investors to buy Paris’ Crillon hotel -paper
Hotel chain Kempinski to manage Le Crillon - Le Figaro.
November 5, 2010 12:16 by Reuters
U.S. investment group Starwood Capital is about to sell the Hotel de Crillon in Paris, one of the world’s landmark hotels, to Saudi investors with ties to the royal family for around 250 million euros ($353.6 million), French daily Le Figaro said on Friday.
The paper, which cited sources close to the deal, said the buyer may have to spend an additional 100 million euros to renovate the luxury hotel, located near the Champs Elysees on the Place de la Concorde.
Management of the Crillon is expected to be handed to luxury hotel chain Kempinski, Le Figaro said.
Starwood declined to comment on the report.
The deal, if finalised, would close a long-running saga over the fate of the Crillon.
In April, a French court ruled that Saudi-backed JJW Hotels & Resorts would have to pay 100 million euros to Starwood Capital to settle a dispute involving the aborted sale of Le Crillon to JJW.
Starwood Capital took on Le Crillon as part of its acquisition of Taittinger’s hotel and champagne empire in 2005.
The venue was built in 1758 as a government building after being commissioned by King Louis XV.
(Reporting by Dominique Vidalon; Editing by Jon Loades-Carter)