PARIS Owner Starwood Capital Group is reportedly selling Paris landmark L’Hôtel de Crillon to Saudi investors with ties to the royal family for approximately €250 million.
French newspaper Le Figaro cites unnamed sources close to the deal in reporting the transaction. The new owners plan to appoint Kempinski Hotels to manage the 252-year-old, 147-key Crillon. A renovation costing an additional €100 million is also anticipated under the new regime.
Starwood Capital has declined comment on the report.
Starwood Capital, which acquired Le Crillon back in 2005, attempted to sell the property to Saudi investors once before. In April, a French court ruled that Saudi-backed JJW Hotels & Resorts would have to pay €100 million to Starwood Capital to settle a dispute involving the aborted sale of Le Crillon to JJW.