Mideast investor buys $940m luxury hotel group

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(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.

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