Qatari group is going to buy four major French properties from United States hotel group Starwood. The properties are the Concorde Lafayette in Paris, Hotel du Louvre, the Palais de la Mediterranee in Nice and the famous Martinez in Cannes at a total cost of up to $940 million. A meeting will be held on Thursday by Starwood Capital’s Groupe du Louvre to finalize the acquisitions. It is almost confirmed that the buyer is Katara Hospitality which is looking forward to extending its luxury hotel collection. Same Katara Hospitality that owns Paris’s luxury Peninsula hotel which to be opened next year. Not much is revealed in this matter but what Mr. Levy said: “A promise to sell has been signed recently and there will be an announcement on the matter on Thursday, June 28. The sale has been imminent for a while” he also added: “We know it’s Qataris, but nothing more.” The new owner will ask U.S hotel group Hyatt (H.N) to manage the hotels which employ a sum of 1200 people, as Le Figaro said.
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