Starwood Hotels sells Paris hotel for $413m
Starwood Hotels & Resorts has sold Le Meridien Étoile Hotel, a 1,050-room hotel in Paris, to U.S. investment firm Mount Kellett Capital Management for $413.2 million, or $403,162 per room. CBRE Hotels represented the seller.
Le Meridien Étoile is the largest hotel in France in terms of capacity, with an average occupancy rate of 80 percent. The hotel is currently operated by Starwood Hotels & Resorts, whose management contract expires in four to five years.
The hotel, which is located in the 17th district across from the Paris Convention Center, opened in 1972.
Starwood Hotels bought the hotel in 2005 from Le Meridien Étoile Hotel & Resorts. The sales price was approximately $225 million. Within the same transaction, Starwood Hotels acqu