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Paris's Crillon Hotel Sold to Saudi Investor - ASHARQ AL-AWSAT English Archive
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PARIS, (Reuters) – Groupe du Louvre, a unit of Starwood Capital, said it had sealed a deal to sell the Hotel de Crillon in Paris to a Saudi investor, ending a long-running saga over the fate of one of the world’s landmark hotels.

The price paid by the buyer, described as an “eminent” member of the Saudi royal family, was not disclosed.

A source close to the matter pegged the pricetag for the luxury hotel located near the Champs Elysees on the Place de la Concorde at around 250 milion euros ($328.4 million).

Groupe Concorde, the prestige hotel unit of Groupe du Louvre, will continue to operate the hotel over a 6 to 12 months period on behalf of the new owner, the statement said.

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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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