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FINANCIAL NEWS
ME-based Constellation Hotels acquires Concorde hotel group for USD943m
05 Feb 2013
(MENAFN) Jones Lang LaSalle stated that Middle East-based Constellation Hotels France has acquired the Concorde luxury hotel group for USD943 million, reported Arabian Business.
The investor has purchased the hotel portfolio from American-owned Starwood Capital Group’s unit Groupe du Louvre, which bought the hotel portfolio in 2005.
Concorde’s portfolio comprises a total of 1,724 rooms, with hotels including Paris’ Hotel du Louvre, the Hotel Martinez in Cannes, and the Palais de la Mediterranee in Nice, in addition to Hotel Concorde La Fayette, one of the biggest and most famous hotels in the French capital that overlooks the Eiffel Tower.
The Concorde hotel portfolio is forecasted to be operated by Hyatt, under management deals.
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