An investor from Saudi Arabia will become the new owner of the hotel “Crillon”

After shopping center, Paris Nord Villepinte exhibition centre is another prestigious commercial real estate of France will come under control of foreign investors. Hotel “Crillon” (Hôtel de Crillon) in Paris, one of the most expensive hotels in the world, will be sold to a hotel chain JJW Hotels & Resorts.

The hotel is situated in the fashionable area in Central Paris, at place de La Concorde near the Champs elysées. He is one of the historical landmarks of France. The hotel was built in 1758 as a Royal residence by order of the French monarch Louis XV. Later, the mansion was occupied by rebels during the French revolution, and in 1909, converted into a comfortable hotel. To date, the “Crillon” is a category of French “palaces” and includes 147 luxury rooms.

The current owner of the hotel, an international investment company Starwood Capital will receive from the sale of hotel profits in the amount of 250 million euros. The transaction will take place after months of litigation between Starwood Capital and JJW Hotels & Resorts.

JJW, which is owned by the Sheikh of Saudi Arabia Mohammed al Jaber, invests in hotels, and resorts all over the world. Previously, the company tried to buy the “Crillon”, but the deal never took place, and in April of this year, a French court ordered compensation of losses incurred by Starwood Capital. Today JJW is ready to pay Starwood Capital compensation in the amount of EUR 100 million and to spend another 100 million on renovation of the hotel.

Hotel management is expected to take another international hotel chain Kempinski Hotels.

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