Starwood Capital Group’s Groupe du Louvre affiliate has sold Hotel Lutetia to Alrov, a real estate company.
The transaction is part of the ongoing evolution of Starwood’s Societe du Louvre portfolio, Europe’s second-largest hotel network, which also owns five other hotels in the Paris market.
Terms of the transaction were not disclosed.
Hotel Lutetia is a 231-room Art Deco property located in the Saint-Germain-des-Pres neighbourhood of Paris.
Groupe Concorde, a separate Starwood affiliate, will continue to manage the hotel for the foreseeable future, including the provision of reservations, sales, marketing and distribution support to Alrov.
"We are very pleased to complete the sale of this fabulous historic property from our hotel portfolio to Alrov, which will allow our investors to realize an attractive return on the property while freeing up additional funds for future investments," says Richard Gomel, managing director at Starwood Capital Group. "The Lutetia will remain in good hands under the leadership of Alrov, and the management expertise of our Groupe Concorde division. We will continue to take an opportunistic approach toward selling assets when we can achieve the right combination of investor returns and market timing."
Starwood Capital Group is a private US-based investment firm with a core focus on global real estate.
