Saudi investors to buy Paris’ Crillon hotel -paper

* Hotel de Crillon to be sold for 250 mln euros – Le Figaro

* Hotel chain Kempinski to manage Le Crillon – Le Figaro

* Starwood Capital declines comment

PARIS, Nov 5 (BestGrowthStock) – 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.
($1=.7071 Euro)
(Reporting by Dominique Vidalon; Editing by Jon Loades-Carter)

Saudi investors to buy Paris’ Crillon hotel -paper