Saudi royalty buys Paris' Crillon hotel: source
The luxury Crillon hotel, a top name in Paris tourism, has been sold to Saudi Arabian investors close to the royal family for about 250 million euros (355 million dollars), sources close to the sale told AFP on Friday.
The Figaro daily said that US-based Starwood Capital was in the final stages of the sale which excludes a 100-million-euro programme to renovate one of the world's oldest luxury hotels.
The Kempinski Hotels group is to manage the Crillon, the paper said, built in the 18th century on what would become the Place de la Concorde. The hotel is next to the United States embassy.
Starwood Capital and the Crillon declined to comment on the deal.
The deal comes following a months-long legal battle between Starwood Capital and previous potential buyer JJW Hotels and Resorts, owned by Saudi Sheikh Mohammed al-Jaber.
Starwood Capital bought the hotel from the former Taittinger group in 2005.
© 2010 AFP