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|| Saudi investors to buy Paris Crillon hotel for $350 million

crillon.jpgUS investment group Starwood Capital is about to sell the Hotel de Crillon in Paris to Saudi investors for around $350 million, the Reuters is reporting.

The buyer may have to spend an additional $140 million to renovate the luxury hotel which is located near the Champs Elysees on the Place de la Concorde.

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More details from the Reuters follows

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 $353.6 million (250 million euros), 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 $141.44 million (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 $141.44 million (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)



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