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L'Hôtel de Crillon hotel in Paris will be bought by a group of Saudi investors

Famous L'Hôtel de Crillon hotel in Paris is prepared for selling by its current owner, Starwood Capital Group. The buyer is already known. This is going to be a Saudi Arabia-based investment group that has connections with the royal family. The approximate size of this deal exceeds 250 million euro.

According to the information provided by the famous French newspaper Le Figaro, the hotel will be sold in the nearest future. Once the transaction is made, 147-key Crillon will be managed by Kempinski Hotels. L'Hôtel de Crillon Paris is has a long and respected history. This hotel in France has been opened 252 years ago. New owners will make a renovation, which will cost them another 100 million euro.

Currently Starwood officials make no comments about this deal. However, this is not the first attempt of the company to sell this hotel in Paris to Saudi investors. L'Hôtel de Crillon was purchased by Starwood in 2005. In 2009 the company has almost concluded an agreement with Saudi JJW Hotels & Resorts. The agreement was later aborted by the buyer and in April 2010 JJW Hotels was sued to pay 100 million euro to Starwood by a French court.

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