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FINANCIAL NEWS
Saudi royal buys Hotel de Crillon
23 Dec 2010
(MENAFN) Groupe du Louvre, a unit of Starwood Capital, announced in a statement that it has signed an agreement to sell the legendary Hotel de Crillon in Paris to a Saudi Arabian investor, Reuters reported.
The sale of the venue which was built in 1758 as a government building after being commissioned by King Louis XV, has finally ended a long-running saga over its fate.
The Saudi investor, whom is described as an “eminent” member of the Saudi royal family, purchased the luxury hotel, located near the Champs Elysees on the Place de la Concorde at approximately $328.4 million.
Under the agreement, Groupe Concorde, the prestige hotel unit of Groupe du Louvre, will continue to operate the hotel over a six to twelve months period on behalf of the new owner.
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