Paris' world-famous luxury Crillon hotel has been sold to Saudi investors close to the royal family for around 250 million euros ($355 million), sources close to the sale said on Friday.
The Figaro daily said that US-based Starwood Capital was in the final stages of the sale which excludes a 100-million-euro programme to renovate one of the world's oldest luxury hotels.
The Kempinski Hotels group is to manage the Crillon, the paper said, built in the 18th century on what would become the Place de la Concorde. The hotel is next to the United States embassy.
Starwood Capital and the Crillon declined to comment on the deal.
The deal comes following a months-long legal battle between Starwood Capital and previous potential buyer JJW Hotels and Resorts, owned by Saudi Sheikh Mohammed al-Jaber.
Starwood Capital bought the hotel from the former Taittinger group in 2005.
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
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COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE%20set%20for%20Scotland%20series
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Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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