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L’Hotel de Crillon in Paris has been officially sold to a Saudi royal

News Finally publics have been presented official news about the luxury L’Hotel de Crillon in Paris. The property has been sold to a member of Saudi royal family for 250 million of Euro. The name of the buyer, as well as the terms of the agreement, is not disclosed.

This hotel in Paris is currently owned by Starwood Capital, which confirmed the agreement last week. L’Hotel de Crillon is a 147-key upscale luxury hotel with the 252-year history. After the deal another 100 million of Euro will be invested into renovation works. It is not yet known what company will be chosen as a future managing company for Crillon. Some reports mention Kempinski Hotels as the company has rich experience in managing such properties.

This Paris accommodation was bought by Starwood Capital in 2005. It got Le Crillon when it took over the empire of Taittinger the same year. The company has already tried to sell the hotel to Saudi investors, but failed. It is known the Saudi based company JJW Hotels & Resorts wanted to buy the hotel, but later aborted the deal, causing court disputes.

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