Mideast investor buys $940m luxury hotel group

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Picture for illustrative purposes only)

(Picture for illustrative purposes only)

A Middle East-based investor has bought a portfolio of luxury hotels in France worth 700m euros (943m euros), according to Jones Lang LaSalle.

Constellation Hotels France, which already owns several hotels globally, on Monday bought the Concorde luxury hotel portfolio from Groupe du Louvre, an affiliate of American-owend Starwood Capital Group.

The purchase was the largest transaction in the European hotel market since 2011 and includes one of the biggest and most prominent hotels in Paris, Hôtel Concorde La Fayette, which overlooks the Eiffel Tower.

The portfolio covers a total of 1,724 rooms, with other hotels including Paris’ Hôtel du Louvre, the Hotel Martinez in Cannes, and the Palais de la Méditerranée in Nice.

Hyatt is expected to operate the hotels under management agreements, according to Jones Lang LaSalle, which managed the sale with UBS.

Groupe du Louvre bought the Concorde hotel portfolio in 2005.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Leap of faith: the growth of Halal tourism

Leap of faith: the growth of Halal tourism

Halal tourism is taking off – and the Gulf countries are quickly...

Home from home: Luring the Chinese to the UAE

Home from home: Luring the Chinese to the UAE

As Chinese tourists travel out of their home country in ever...

Is Dubai ready for 20,000 more hotel rooms?

Is Dubai ready for 20,000 more hotel rooms?

Can the city cope with the additional supply predicted by Dubai...

Most Discussed