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Strategic Hotels Has Sold Its Marriott Champs Elysees hotel in Paris

News Strategic Hotels & Resorts, a Chicago-based hotelier, has sold its hotel in Paris – the 192-key Marriott Champs Elysees. The buyer of the leasehold interest is unknown. Actually, the seller didn’t make any announcements and so the news appeared only after Strategic Hotels had published its earnings statement for the fourth quarter of 2010. According to the document, the sum of the deal estimated 39.7 million of Euro or €207,000 per one guestroom. No information about the buyer of the hotel is disclosed.

In his comment concerning the deal Laurence Geller, the CEO of Strategic Hotels, mentions the situation turns out to be fine for the company. Stating from spring 2010 the overall business went better and the operating metrics went up. Whole 2010 was a successful year for Strategic Hotels and so the company is ready for some strategic initiatives. The company, which specializes on high-end hotels, forecasts severe competition in 2011 and is aiming to concentrate on several most profitable accommodations in order to advertise them. Such approach may help the company to gain better occupancy rates and expand its marketing share.

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