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Paris's Glitzy Historic Hotel Is Up for GrabsJune 9, 2009 By: Travel Agent Central Contributor
Property prices may still be falling, but it looks like Paris's famed Hôtel de Crillon is up for sale anyway.
London's TimesOnline is reporting that Starwood Capital, owner of the glitzy hotel since 2005, has put the Crillon on the market for €300 million, or $420 million.
Starwood acquired the glamorous building, located on Place de la Concorde near the Champs Elysées, as part of a larger acquisition of Taitinger's enormous hotel and champagne business for €2 billion.
The Crillon is one of the world's landmarked hotels, commissioned by Louis XV and built in 1758. Originally operated as a government building, the Crillon was converted into a hotel in 1909 and has since hosted such cultural luminaries as Winston Churchill, the Dalai Lama, Mariah Carey and Arnold Schwarzenegger.
Starwood Capital, The Times is wise to point out, is not the same company as Starwood Hotels & Resorts, which runs the Sheraton, W and Westin chain hotels and which has also spurred some hotel gossip this week.