Saudi royals buy Paris's Crillon Hotel
Paris's world-famous Crillon Hotel has been sold to Saudi investors close to the royal family for around 250 million euros, sources close to the sale told the AFP wire service on Friday.
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Le Figaro daily reported that US-based Starwood Capital was in the final stages of the sale of the world's oldest luxury hotels.
The Kempinski Hotels group is to manage the Crillon, the paper said.
The hotel built in the 18th century on what would become the Place de la Concorde, next to the United States embassy.
Starwood Capital and the Crillon have so far 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.
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