U.S. investment group Starwood Capital is about to sell the famous Hotel de Crillon in Paris to Saudi investors with ties to the royal family for around 250 million euros (US$353.6 million), French daily Le Figaro reported today. The paper said the buyer may have to spend an additional 100 million euros to renovate the 147-room luxury hotel, which is located near the Champs Elysees on the Place de la Concorde. Management of the Crillon is expected to be handed to luxury hotel chain Kempinski, Le Figaro reported. Hotel de Crillon has seven meeting rooms that can accommodate from 10 to 350 people.
http://www.reuters.com/article/idUSLDE6A408W20101105