Mideast investor buys $940m luxury hotel group

Tuesday, 5 February 2013 11:26 AM

(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.

Follow @ArabianBusiness

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!

Arabian Business Power 500 2013 - Top 5 from Qatar »


View complete list

Photo Galleries
Videos

31
Dubai labourers stage rare strike for more pay

Having said some of the things that I say every now and then, I feel obliged to add that I have nothing against the concept of immigration. Immigration... more
Tuesday, 21 May 2013 9:44 PM - Hisham
14
Are there too many Brits in the UAE?

Is this journalism?
Barely-disguised street bigotry - taxi driver philosophy, no less - with a sweetener at the end.
If there are too many Brits... more
Tuesday, 21 May 2013 9:46 PM - Bint Al Abla
10
Kuwait deports 1,258 expats in a month

need, want, all semantics.

locals need to push needy unneeded expats who are unwanted. more
Tuesday, 21 May 2013 9:45 PM - exodus

Read all user comments »

54
Emirates defends no staff bonus, despite huge profit

Happy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie Tedesco
31
Dubai labourers stage rare strike for more pay

Having said some of the things that I say every now and then, I feel obliged to add that I have nothing against the concept of immigration. Immigration... more
Tuesday, 21 May 2013 9:44 PM - Hisham
24
Kuwait to start medical care segregation on June 1

Let me put the entire issue in perspective. There are massive traffic problems on the roads of Kuwait, where Kuwait can boast high road fatalities and... more
Tuesday, 21 May 2013 1:28 PM - Abdullah

Read all user comments »

54
Emirates defends no staff bonus, despite huge profit

Happy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie Tedesco
42
Qatar teacher jailed for insulting Muslims

Islam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graeme
31
Dubai labourers stage rare strike for more pay

Having said some of the things that I say every now and then, I feel obliged to add that I have nothing against the concept of immigration. Immigration... more
Tuesday, 21 May 2013 9:44 PM - Hisham

Read all user comments »

Log in Not registered? Register now!

Retrieve password form

Services:

Mideast investor buys $940m luxury hotel group

Related:

Stories

Galleries

Companies

Also in Travel & Hospitality

Join the Discussion

Further reading

Features & Analysis

Most Popular

Most Discussed