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Together with French-Dutch real estate giant Unibail-Rodamco, Accor had made an offer for the portfolio of Groupe du Louvre (Hôtel du Louvre, Concorde Lafayette in Paris, Martinez in Cannes and Palais de la Méditerranée in Nice) that was turned down by Starwood Capital. The deal is estimated to be worth €700 million to €800 million (US$922 million to US$1 billion), including other business interests in four other properties managed by Concorde Hotels.
The other bidder is a consortium of Middle Eastern investors, but only for individual properties within the portfolio. French business daily Les Échos reported that Starwood Capital expects a sale to be agreed upon within two months. The same day, Reuters reported that Starwood Capital is “talking to several sector players.”
Starwood Capital bought the hotel portfolio from the Taittinger family in 2005.
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