De Crillon in Paris sold to Saudi royalty

Dec. 23, 2010 at 2:06 PM
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PARIS, Dec. 23 (UPI) -- A member of the Saudi royal family has purchased the luxury Hotel de Crillon in Paris, the hotel's current management firm said.

Groupe du Louvre, which runs the 147-room hotel for equity firm Starwood Capital, said only that an "eminent member of the Saudi royal family" had purchased the hotel, although the family member's name was not disclosed, the British Broadcasting Corp. reported Thursday.

The hotel is a converted 18th Century palace in the heart of Paris on the Place de la Concorde. The purchase price, reportedly, was $328 million.

After a transition period, the hotel will likely be managed by Kempinski, a Swiss hotel management firm, the BBC said.

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