Accor, Courcouronnes, France revealed on Wednesday that it is no longer in the bidding process for the hotels of Groupe du Louvre, owned by Starwood Capital Group, Greenwich, Connecticut.
Accor had made an offer for Groupe du Louvre with French-Dutch real estate giant Unibail-Rodamco that was turned down by Starwood Capital. The deal is estimated to be worth €700 million to €800 million (US$922 million to US$1 billion).
The other bidder is a consortium of Middle Eastern investors, and French business daily Les Échos reported on Wednesday that Starwood Capital expects a sale to be agreed upon within two months, without citing to which company it would be sold nor what source divulged the information.
Reuters reported on Wednesday that an anonymous source familiar with the matter that Starwood Capital is “talking to several sector players.”
Starwood Capital bought the hotel portfolio in 2005.