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Saudi Investors to Buy Paris' Crillon Hotel -Paper - ASHARQ AL-AWSAT English Archive
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PARIS, (Reuters) – U.S. investment group Starwood Capital is about to sell the Hotel de Crillon in Paris, one of the world’s landmark hotels, to Saudi investors with ties to the royal family for around 250 million euros ($353.6 million), French daily Le Figaro said on Friday.

The paper, which cited sources close to the deal, said the buyer may have to spend an additional 100 million euros to renovate the luxury hotel, located near the Champs Elysees on the Place de la Concorde.

Management of the Crillon is expected to be handed to luxury hotel chain Kempinski, Le Figaro said.

Starwood declined to comment on the report.

The deal, if finalised, would close a long-running saga over the fate of the Crillon.

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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