x Abu Dhabi, UAEFriday 19 January 2018

Saudi investors buy Paris's Crillon hotel

Saudi investors close to the royal family have bought the luxury Paris hotel for around $355 million, sources close to the sale say.

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.